The IRS released its 2021 revision of Publication 1179, the General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. The update has a revision date of June 28, 2021. For the most part, only minor changes have been made to the information contained within the publication. The most notable changes are detailed below.
• References to 2020 have been updated to 2021 throughout the document and generally the document has been updated for the current tax year.
• Form 1099-H has been added back to the list of forms covered by the publication.
• What’s New Section
o Note regarding the 250-return requirement for electronic filing remaining in effect at this time
o Notice that extensions to furnish statements must be faxed now. The form can be found at www.IRS.gov/instructions/i1099g#idm140388152503184
o Notice about form 1099-H and its instructions being converted to continuous use format
o Notice that 1099-MISC has been changed from Miscellaneous Income to Miscellaneous Information
o Notice added that Form 1099-NEC has been resized to allow for 3 forms to a page
• In the Dimensions section, form 1099-NEC has been removed from the exception list of 3 copies to a page forms.
• Under Section 4.1.3 Substitute Statements to Recipients for Certain Forms 1098, 1099, 5498, and W-2G – A paragraph allowing the use of a Settlement Statement as a written statement to the transferrer in regard to Form 1099-S has been removed from the section
• Form 1099-H added to the list of forms which may be furnished electronically in Section 4.6.1 Electronic Recipient Statements
• In Section 5.1.4 Instructions for Withholding Agents, the WP-EIN and WT-EIN have been added to the list of items which consist of nine digits separated by a hyphen.
• Section 5.4.1 Notice that Rev. Proc. 2020-35, 2020-29, I.R.B. 82, dated July 13, 2020, is superseded by the current publication
• All exhibit forms at the end of the document have been updated to the current 2021 versions
To view the complete publication, click here.