The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from the revision date of January 2024, changes to the form itself are minimal.
The Attention page at the beginning of the online document has been updated with the 10-form threshold for mandatory electronic filing which was instituted for tax year 2023 filing. The IRS continued it’s update trend to the continuous use series forms by removing the “20___” from the “For calendar year” box and replacing it with just a fill-in line on all copies of the form. All references to Form 1040-SR have been removed from the Instructions for Recipient, and a “Free File Program” notice has been added to the end of the instructions.
The most notable changes this year are the removal of the Instructions for Payer section and the removal of Copy C of the form. This change has been universal across the updated continuous use series forms.
To view the complete updated document, click here.
