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:
Also, have a look at our post regarding the 2021 General Instructions to help during your reporting season:
And the 2021 General Instructions here: