The IRS recently released an update to its continuous use instructions for forms 1099-INT and 1099-OID. This instruction booklet covers the instructions for filers of both forms respectively. This instruction booklet is designed in the continuous use format that the IRS has instituted over the past few years. This year the instructions for both forms saw little notable change but a large number of editorial updates.
These additions were for clarification purposes and not new information to most filers. Some notable changes include the use of “territory” instead of “possessions” referring to U.S. territories among others. While these changes are minor in comparison to some of the more sweeping changes of previous years, they follow the general trend other continuous use forms and instructions have followed, keeping all of the forms in a more neutral and fluid state to make multi-year usage possible.
To view the complete instructions, click here.
