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IRS Updates Publication on Electronic Filing Requirements

JAN. 7, 2013

Announcement 2013-3; 2013-2 I.R.B. 271

DATED JAN. 7, 2013
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Citations: Announcement 2013-3; 2013-2 I.R.B. 271

Clarifies and corrects Rev. Proc. 2012-30

Part IV. Items of General Interest

The following announcement provides updated information for items in Publication 1220, Specifications for Filing Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically, Revised August 13, 2012.

Form 1099-B, Proceeds From Broker and Barter Exchange Transactions

Form 1099-B has been added to the Combined Federal/State Filing program (CF/SF). Programming should be as follows:

Payer "A" Record (page 39):

  • Position 6 Combined Federal/State Filer: Required for the Combined Federal/State Filing Program (CF/SF): Enter "1" (one) if approved and submitting information as part of the CF/SF program or if submitting a test file in order to obtain approval for the CF/SF program; otherwise, enter a blank.

 

Payer "B" Record (page 88):

  • A separate "B" record must be created for each state.

  • The amount for each state must be allocated and reported to each state.

  • Positions 663-722 "Special Data Entries Field" -- This portion of the "B" Record may be used to record information for state or local government reporting or for the filer's own purposes. Payers should contact the state or local revenue departments for filing requirements. If this field is not used, enter blanks. Report the Corporation's Name, Address, City, State, and ZIP in the Special Data Entry field.

  • Positions 723-734 "State Income Tax Withheld" -- State income tax withheld is for the convenience of the filers. This information does not need to be reported to IRS. The payment amount must be right-justified and unused positions must be zero-filled. If not reporting state tax withheld, this field may be used as a continuation of the Special Data Entries Field.

  • Positions 735-746 "Local Income Tax Withheld" -- Local income tax withheld is for the convenience of the filers. This information does not need to be reported to IRS. The payment amount must be right-justified and unused positions must be zero-filled. If not reporting local tax withheld, this field may be used as a continuation of the Special Data Entries field.

  • Position 747-748: Enter a the State Code from Table 3 in this field if the payee record is to be forwarded to a state agency as part of the CF/SF Program

 

Payer "K" Record" (page 139):

  • A separate "K" record is required for each state.

  • Each "K" record reports the total number of "B" records coded for that participating state.

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