1
*/ Rev. Proc. 91-36, for example, was discussed in and attached
to Institute Memorandum to Accounting/Treasurers Committee No.
18-91, Closed-End Fund Members No. 28-91, Operations Members No.
18-91, Pension Members No. 25-91, Tax Members No. 26-91, Transfer
Agent Advisory Committee No. 32-91 and Unit Investment Trust
Committee No. 26-91, dated July 15, 1991.)
March 27, 1992
TO: TAX MEMBERS NO. 20-92
OPERATIONS MEMBERS NO. 13-92
CLOSED-END FUND MEMBERS NO. 17-92
UNIT INVESTMENT TRUST MEMBERS NO. 22-92
ACCOUNTING/TREASURERS MEMBERS NO. 17-92
TRANSFER AGENT ADVISORY COMMITTEE NO. 16-92
RE: IRS REVENUE PROCEDURE FOR SUBSTITUTE TAX FORMS
__________________________________________________________
The attached IRS revenue procedure (Rev. Proc. 92-21)
provides the general requirements for the development, printing
and approval of all substitute tax forms for tax year 1991.
Section 3 of Part A of Rev. Proc. 92-21 describes the changes
that have been made to last year's revenue procedure on this
issue. (See Institute Memorandum to Tax Members No. 4-91,
Operations Members No. 6-91, Closed-End Fund Members No. 8-91,
Unit Investment Trust Members No. 7-91, Accounting/Treasurers
Members No. 5-91 and Transfer Agent Advisory Committee No. 9-91,
dated February 21, 1991.) Section 18 of Part A lists other
revenue procedures, such as Rev. Proc. 91-36 (relating to paper
substitutes for certain IRS Forms, including Forms 1099 and
5498), that provide more specific guidance on various filing
requirements.*/1
Part B of Rev. Proc. 92-21 provides certain additional
specific guidelines. For example, section 15 of Part B provides
requirements for preparing substitute Forms 941 (Employers
Quarterly Federal Tax Return) to be processed by Optical
Character Recognition ("OCR") equipment; section 16 provides
requirements for paper substitutes for Form 1042S (Foreign
Person's U.S. Source Income Subject to Withholding).
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We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment