On September 27, 2021, the Internal Revenue Service (IRS) unveiled the latest edition of Publication 1220, which outlines the Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G for Tax Year 2021. This comprehensive guide serves as an essential resource for entities and individuals involved in electronic filing of various tax forms, providing detailed instructions and technical specifications to ensure compliance with IRS requirements.
The release of Publication 1220 for Tax Year 2021 brings with it a range of updates and enhancements aimed at improving the efficiency, accuracy, and security of electronic filing processes. Some of the notable updates included in this year’s publication are:
- The new online Information Returns Application for Transmitter Control Code (TCC) and Secure Access
- Form 1099-MISC and Form NEC, particularly due dates and that Form 1099-NEC is part of the Combined Federal/State Filing (CF/SF) Program
- Common formatting issues
- Format specifications and record layouts
While these updates represent just a few of the changes introduced in Publication 1220 for Tax Year 2021, they underscore the IRS’s ongoing commitment to modernizing and improving the electronic filing process. By adhering to the specifications outlined in Publication 1220, filers can navigate the electronic filing process with confidence and contribute to the overall integrity and efficiency of the tax administration system.
Have a look at the 2021 Pub. 1220 here:
Be ready for your 2021 electronic filing tax year!