The IRS has released its revised Publication 1179 (General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns). This publication provides comprehensive guidance for preparing substitute versions of official IRS information return forms.
Most notably, the IRS has introduced Form 1099-DA for reporting digital asset transactions from brokers, reflecting the growing need to track cryptocurrency and other digital asset transactions. The form generally follows the same rules as Form 1099-B, with specifications integrated throughout Parts 1, 2, and 4 of the publication. Exhibit M displays the complete form layout and measurements.
The publication also clarifies the electronic filing threshold of 10 returns, which became effective for returns required to be filed on or after January 1, 2024. Additionally, it acknowledges the removal of filer copies and instructions from many information returns, following the IRS’s release of numerous forms without these components over recent years. For users of the Information Returns Intake System (IRIS), the updated guidance directs them to Publication 5717 for specific technical specifications.
Lastly, Form 1099-H has been eliminated, as the Health Coverage Tax Credit expired on December 31, 2021.
To review Publication 1179 in greater detail, click here.
