On December 16, 2021, the IRS published DRAFT 2022 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). There are a number of updates to note, including:
- Under the Taxpayers First Act of 2019, the IRS is developing an Internet portal to allow taxpayers to file Forms 1099 electronically after December 31, 2022.
- Filers now have to file Form 1098-F, Fines, Penalties, and Other Amounts, for orders and agreements that become binding under applicable law on or after January 1, 2022.
- The following Forms 1099 have converted or will convert to continuous use forms:
- Form 1098, Mortgage Interest Statement (Rev. January 2022) (still in DRAFT Form as of the date of this article)
- Form 1099-A, Acquisition or Abandonment of Secured Property (Rev. January 2022) (still in DRAFT Form as of the date of this article)
- Form 1099-C, Cancellation of Debt (Rev. January 2022) (still in DRAFT Form as of the date of this article)
- Form 1099-G, Certain Government Payments (Rev. January 2022)
- Form 1099-INT, Interest Income (Rev. January 2022)
- Form 1099-K, Payment Card and Third Party Network Transactions (Rev. January 2022)
- Form 1099-S, Proceeds from Real Estate Transactions (Rev. January 2022)
- A reminder that the Taxpayer First Act of 2019 authorizes the IRS to issue regulations to reduce the 250-return requirement for 2022 tax returns. Although regulations have not been issued, be sure to review IRS.gov for updates. Until then, the 250-return requirement remains in effect.
Check out the 2022 General Instructions for Certain Information Returns here:
https://www.irs.gov/pub/irs-pdf/i1099gi_21.pdf
Also, have a look at our post regarding the 2021 General Instructions to help during your reporting season:
https://www.linkedin.com/feed/update/urn:li:activity:6760233667676778496
And the 2021 General Instructions here:
https://www.irs.gov/pub/irs-pdf/i1099gi_21.pdf
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