Latest Updates to Publication 1220

By Rasheed Khan
14.03.2022
Read Time: 2 minutes
TAINA Review Publication 1220 Updates

IRS Update Publication 1220

Early January, I published changes for Electronic filing of forms based upon Publication 1220 (Pub 1220) that was released in August 2021. The IRS has issued an update related to 2021 reporting in Pub 1220 that was released 28th February 2022. The latest release of Pub 1220 captures all of the changes I highlighted in my previous article, ‘Tis the Season for Information Reporting’ and some added changes to the filing of forms 1099-MISC, 1099-NEC and others. Below I have listed all of the additional changes not covered in my previous update based upon page 11 of Pub 1220 and comparison of the formats.

Part A. Introduction and General Information

Sec. 7 Reporting Nonemployee Compensation in Tax Year 2021 – Updated Form 1099-NEC, Nonemployee

Compensation is part of the Combined Federal/State Filing (CF/SF) Program

Part B. Data Communication

Sec. 1 Updated to new online Information Returns (IR) Application for Transmitter Control Code (TCC)

Sec. 9 Common Formatting Errors – Item 8, Issue – Updated amount code(s) in positions to 28-45

Part C. Format Specifications and Record Layouts

Sec. 2 Issuer “A” Record, For Reporting Payments on Form 1099-DIV: 

Amount Type – Added Section 897 Ordinary Dividends and added Amount Code H

Amount Type – Added Section 897 Capital Gains and added Amount Code J

Record Layout Positions, Form 1098 – Updated Field Positions 749-750, General Field Description

Record Layout Positions, Form 1098-Q - Updated Field Positions 749-750, General Field Description

 

How can TAINA Help?

The TAINA Platform has helped our customers over the busy reporting season by  reducing rejection rates, improving efficiency and freeing operational tax experts for more value add tasks. The TAINA Platform has help make reporting periods more manageable and predictable. What were once significant events that caused a massive peak in activity have become smoother and less demanding. Machines and systems are now doing what they do best, and tax operations and customer service experts are able to deal with more valuable activities rather than just surviving and being data processors.

TAINA is always ready to help our clients. I, I hope this information is useful to you and helpshelp outline changes you may need to make in your electronic filing. 

For more information on how our fully automated FATCA and CRS Validation platform can add value to your business, get in touch or request a demo to see it in action.

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