Tax News

CCH (cch.taxgroup.com) reports:

The IRS has released specifications for filing 2007 Forms 1098, 1099, 5498 and W-2G electronically through the IRS FIRE System or magnetically, using IBM 3480, 3490, 3490E, 3590 or 3590E tape cartridges. The IRS Enterprise Computing Center --Martinsburg (IRS/ECC-MT no longer accepts 3.5-inch diskettes for the filing of information returns. These procedures, which will be reprinted as the next revision of IRS Publication 1220, Specifications for Filing Forms 1098, 1099, 5498, and W-2G Electronically or Magnetically, must be used for the preparation of 2007 tax year information returns and information returns for tax years prior to 2007 that will be filed beginning January 1, 2008. Tape cartridge files must be received by December 1, 2008, in order to be processed. After December 1, 2008, only electronic files are acceptable.
The IRS noted that tax year 2007 will be the last tax year that ECC-MTB will accept tape cartridges. Due to processing deadlines, tape cartridges must be received by December 1, 2008, in order to be processed for the current year. After December 1, 2008, the only acceptable method of filing information returns with ECC-MTB will be electronically through the FIRE system.
Rev. Proc. 2006-33, I.R.B. 2006-32, 140, is superseded.
Rev. Proc. 2007-51, 2007FED ¶46,555
Other References:
Code Sec. 6011
CCH Reference - 2007FED ¶35,141.03
CCH Reference - 2007FED ¶35,141.47
CCH Reference - 2007FED ¶35,141.57
Code Sec. 7513
CCH Reference - 2007FED ¶42,702.13
CCH Reference - 2007FED ¶42,702.15
Tax Research Consultant
CCH Reference - TRC FILEBUS: 12,302.05
CCH Reference - TRC FILEBUS: 12,302.10