IRS Corrects Publication 1220 Information.

Announcement 2005-14

The following announcement provides corrected information for Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G, Electronically or Magnetically, revised September 2004.

• Part A, Sec. 2. Nature of Changes, .02, (c), (3) should read "The title of Amount Code 2 was changed to Aggregate Amount Received." This statement refers to the Form 1099-CAP and is correctly recorded in the Payer "A" Record, Amount Codes in positions 28-41.

• Part A, Sec. 9. Due Dates, .03 and .05 references to postmarked dates should read March 1, 2005 and December 1, 2005, respectively.

• In Part D, Standard Payee "B" Record Format For All Types of Returns, Positions 1-543, Payment Amount 3, the positions should be 79 - 90.

• In Part D, Record Format Specifications and Record Layouts for Form 1099-B, Field Position 627-662, the length of this field should be 36 positions.

• When making a correction for a payee name only, use the one step correction process found in Part A, Sec. 11.