Draft instructions – Information returns, and compliance with certain FATCA filing requirements
October 15: The IRS posted a draft version (as of October 14, 2014) of the general instructions for certain information returns—Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G—for the 2015 tax year.
The 29-page draft instructions [PDF 500 KB] note that new for 2015 are the following items:
FATCA filing requirements of certain foreign financial institutions (in general, the FATCA requirements under chapter 4 may be satisfied by reporting under the election provided by the regulations)
Truncated taxpayer identification numbers to be used on payee statements (reflecting changes made in final regulations)
A new form for a qualified longevity annuity contract held by defined contribution plans, IRAs, and eligible government plans—new Form 5498-A
The draft instructions were provided in draft form for comments, and will be subject to OMB approval before being finalized.
