Tax News

CCH (cch.taxgroup.com) reports:

The IRS has released specifications for filing 2008 Forms 1098, 1099, 5498 and W-2G electronically through the IRS FIRE System. The IRS Enterprise Computing Center --Martinsburg (IRS/ECC-MT no longer accepts any form of magnetic media. These specifications, which will be reprinted as the next revision of IRS Publication 1220, must be used for the preparation of 2008 tax year information returns and information returns for tax years prior to 2008 that will be filed beginning January 1, 2009.
Magnetic media tape cartridge files for tax years prior to 2008 must be received by December 1, 2008, in order to be processed. After December 1, 2008, the only acceptable method of filing information returns with ECC-MTB will be electronically through the FIRE system. Form 4804, Transmittal of Information Returns Reported Magnetically, is being obsoleted due to the elimination of magnetic media filing.
A toll-free fax number (877-477-0572) has been added for submitting questions regarding specifications for electronic submissions.
Rev. Proc. 2007-51, I.R.B. 2007-30, 143, is superseded.
Rev. Proc. 2008-30, 2008FED ¶46,459
Other References:
Code Sec. 6011
CCH Reference - 2008FED ¶560
CCH Reference - 2008FED ¶35,141.03
CCH Reference - 2008FED ¶35,141.47
CCH Reference - 2008FED ¶35,141.57
Code Sec. 6041
CCH Reference - 2008FED ¶35,836.075
Code Sec. 6041A
CCH Reference - 2008FED ¶35,842.075
Code Sec. 6042
CCH Reference - 2008FED ¶35,870.01
Code Sec. 6043
CCH Reference - 2008FED ¶35,888.0756
Code Sec. 6044
CCH Reference - 2008FED ¶35,911.075
Code Sec. 6045
CCH Reference - 2008FED ¶35,930.024
Code Sec. 6047
CCH Reference - 2008FED ¶35,983.075
Code Sec. 6049
CCH Reference - 2008FED ¶36,037.075
Code Sec. 6050A
CCH Reference - 2008FED ¶36,044.01
Code Sec. 6050B
CCH Reference - 2008FED ¶36,062.01
Code Sec. 6050D
CCH Reference - 2008FED ¶36,102.01
Code Sec. 6050E
CCH Reference - 2008FED ¶36,122.077
Code Sec. 6050H
CCH Reference - 2008FED ¶36,186.075
Code Sec. 6050J
CCH Reference - 2008FED ¶36,223.075
Code Sec. 6050N
CCH Reference - 2008FED ¶36,301.01
Code Sec. 6050P
CCH Reference - 2008FED ¶36,315.03
Code Sec. 6050Q
CCH Reference - 2008FED ¶36,317.01
Code Sec. 6050R
CCH Reference - 2008FED ¶36,319.01
Code Sec. 6050S
CCH Reference - 2008FED ¶36,319B.075
Code Sec. 6050T
CCH Reference - 2008FED ¶36,330.01
Code Sec. 7513
CCH Reference - 2008FED ¶42,702.13
CCH Reference - 2008FED ¶42,702.15
Tax Research Consultant
CCH Reference - TRC FILEBUS: 12,302