The IRS recently released the 2025 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). There are notable changes throughout:
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Filing and furnishing due dates have been updated throughout the guide to reflect holidays and weekends in 2026.
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Form 1099-DA (Digital Asset Proceeds from Broker Transactions) has been incorporated into the guide. Beginning with digital asset sales effected in tax year 2025, digital asset brokers are required to file and furnish the new Form 1099-DA. However, see Notice 2024-56 for transitional relief for reporting and performing backup withholding.
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The IRS announced plans to revise Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) to accommodate Form 1099-DA and other changes to Regulations section 1.6045-1.
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For tax year 2025 transactions reported in 2026, third-party settlement organizations are required to report Form 1099-K if the cumulative payments made to a payee exceeds $2,500. For tax year 2026 transactions and beyond, the statutory threshold of $600 will apply.
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Filers may now utilize the new Form 15397 to request an extension of time to furnish to recipients. The form must be submitted by fax. Submit the request as soon as possible, but not before January 1st.
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The IRS increased some per information return penalty amounts and all maximum annual information return penalty amounts.
The 2025 General Instructions for Certain Information Returns can be found here.
