IRS ISSUES FINAL REGULATIONS IMPLEMENTING EXTENSION OF DUE DATE FOR ELECTRONICALLY FILED INFORMATION RETURNS

[12563] September 5, 2000 TO: BANK AND TRUST ADVISORY COMMITTEE No. 23-00 BROKER/DEALER ADVISORY COMMITTEE No. 21-00 OPERATIONS COMMITTEE No. 22-00 PENSION COMMITTEE No. 65-00 PENSION OPERATIONS ADVISORY COMMITTEE No. 64-00 TAX MEMBERS No. 24-00 TRANSFER AGENT ADVISORY COMMITTEE No. 43-00 RE: IRS ISSUES FINAL REGULATIONS IMPLEMENTING EXTENSION OF DUE DATE FOR ELECTRONICALLY FILED INFORMATION RETURNS Section 6071(b) of the Internal Revenue Code, enacted as part of the Internal Revenue Service Restructuring and Reform Act of 1998 (Pub. L. No. 105-206), extended the due date from February 28 to March 31 for information returns required by Sections 6041 through 6053 that are filed electronically with the Internal Revenue Service (“IRS”) or Social Security Administration. Of particular interest to U.S. mutual funds and their shareholders, information returns affected by the due date extension include the Form 1099 series (e.g., Form 1099-DIV, Form 1099-B). Attached to this memorandum are final regulations issued by the IRS implementing Section 6071(b). Section 6071(b), and the attached final regulations, apply to information returns required to be filed with the IRS or Social Security Administration after December 31, 1999. Deanna J. Flores Assistant Counsel Attachment Note: Not all recipients receive the attachment. To obtain a copy of the attachment to which this memo refers, please call the ICI Library at (202) 326-8304 and request the attachment for memo 12563. ICI Members may retrieve this memo and its attachment from ICINet (http://members.ici.org). Attachment (in .pdf format)