On June 28, 2021, the IRS published a DRAFT Pub. 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns. (Link – https://www.irs.gov/pub/irs-dft/p1179–dft.pdf). Here are the possible changes for 2021 tax returns required to be filed in 2022. Remember, this is only a draft publication and is subject to change prior to its final publication.
Extension of time to furnish statements to recipients. Filers must request extensions of time to furnish statements to recipients by fax only. Please see the following link for additional instructions: https://www.irs.gov/instructions/i1099gi#idm140388152503184
Filing electronic returns. If the Department of the Treasury and IRS intend to issue regulations that reduce the 250-return requirement for 2021 tax returns, they will post an article at IRS.gov explaining the change. The number remains, for now, at 250.
Form 1098-F, Fines, Penalties, and Other Amounts. This form is for government or governmental entities to file with the IRS in order to report each fine, penalty, or other amount which equals or exceeds an amount determined by the Secretary that is paid in relation to any violation of a law or investigation into potential violation of a law, pursuant to a court order or agreement. At the time of filing, this form was not required, so this publication does not include instructions. Be sure to refer back to the IRS website for additional information when filing is required.
Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. This form and its instructions have been converted from annual updates to continuous use.
Form 1099-MISC, Miscellaneous Information. The title of this form has changed from Miscellaneous Income to Miscellaneous Information.
Form 1099-NEC. This form has been reduced in height in order to accommodate three forms per page.
Exhibits. The exhibits in this DRAFT 2021 Pub 1187 include 2021 revisions of all forms.
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