Memo #
31342

2018 Year-End Reporting Layouts and Target Delivery Dates
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[31342]

August 20, 2018 TO: ICI Members
Accounting/Treasurers Committee
Bank, Trust and Retirement Advisory Committee
Broker/Dealer Advisory Committee
Closed-End Investment Company Committee
Operations Committee
Tax Committee
Transfer Agent Advisory Committee SUBJECTS: Tax RE: 2018 Year-End Reporting Layouts and Target Delivery Dates

 

The primary, secondary and NRA layouts (all in excel spreadsheet form) for use by regulated investment companies (“RICs”) in reporting 2018 year-end tax information to brokers and banks are available on the Institute’s website at:

https://www.ici.org/policy/tax/info_reporting/yearend/yearendtaxreporting.[1]

The 2018 primary layout has been designed to “track” IRS Form 1099-DIV. The 2018 secondary layout provides a format for RICs to use in reporting various additional tax-related items. The 2018 NRA layout should be used in connection with reporting information on IRS Form 1042-S.

The 2018 primary layout has been updated to account for Form 1099-DIV’s new Box 5 “Section 199A Dividends.”  The 2018 secondary layout also has minor (non-substantive) updates. The 2018 NRA layout is identical to the 2017 NRA layout.

The requested target date for delivering year-end tax information to brokers and banks (the “target delivery date”) will be Tuesday, January 15, 2019 for the primary layout, Tuesday, January 22, 2019 for the secondary layout, and Tuesday, February 5, 2019 for the NRA layout.

Fund complexes are encouraged to send their year-end tax information to brokers and banks as soon as it is ready. If a complex requires additional time to prepare data for one or more of its funds, it may choose to communicate with the brokers and banks that distribute its funds to arrange an alternate date.

The rules governing the proper tax characterization of fund distributions can be complex. Funds should consult their tax advisors regarding the proper tax characterization and reporting of their distributions.

 

Katie Sunderland
Counsel - Tax Law

 

endnotes

[1] Hard copies of the documents and spreadsheets will be provided to any Institute member who contacts the Institute’s Ezella Wynn (ewynn@ici.org or 202/218-3560).