Regulatory and Legislative

IRS Posts Updated Publication 1179

The IRS has released the latest version of Publication 1179 (Revenue Procedure 2022-25), General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns.

Some organizations, such as IRA trustees or custodians, may prefer to draft and use substitute forms rather than IRS-provided information return forms. In addition to specifications for properly creating substitute forms, the guidance addresses such issues as inclusion of logos, slogans, and advertisements, as well as penalties for information return filing failures, and delivery requirements.

IRS