The IRS recently released its 2021 Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G. This year, the IRS has made several small but notable changes that could impact taxpayers. The most notable of these changes are detailed in the bullets below.
• The application for new and additional Transmitter Control Codes (TCCs) has been changed from Form 4419 to an all-online application. Form 4419 is still used for updating account information but not for requesting new or additional codes.
• Form 1099-NEC has been added to the list of forms processed by the Combined Federal/State Program (CF/SF).
• The February 15 due date for Forms 1099-MISC which was previously for forms with amounts reported in boxes 8 or 14 is now for amounts reported in boxes 8 or 10.
• For Form 1099-MISC, Amount Code F has been added for Fish Purchased for Resale.
• For Form 1099-DIV, Amount Type Section 897 Ordinary Dividends and Section 897 Capital Gains have been added along with corresponding Amount Codes H and J respectively.
• Form 1099-H and the appropriate codes have been re-added to the publication.
• Numerous changes have been made to the record layouts for the various records. These are detailed in the publication itself.
To view the complete Publication, click here.