April 21, 1992
TO: TAX MEMBERS NO. 26-92
PENSION MEMBERS NO. 7-92
OPERATIONS MEMBERS NO. 18-92
CLOSED-END FUND COMMITTEE NO. 8-92
UNIT INVESTMENT TRUST COMMITTEE NO. 23-92
ACCOUNTING/TREASURERS COMMITTEE NO. 19-92
TRANSFER AGENT ADVISORY COMMITTEE NO. 24-92
RE: IRS REVENUE PROCEDURE FOR SUBSTITUTE FORMS 1099 AND 5498
__________________________________________________________
The attached IRS revenue procedure (Rev. Proc. 92-30)
provides specific rules for preparing paper substitutes for
certain identified forms and for furnishing substitute statements
to form recipients. Among the forms covered by this revenue
procedure are Forms 1099-B (Proceeds From Broker and Barter
Exchange Transactions), 1099-DIV (Dividends and Distributions),
1099-R (Distributions From Pensions, Annuities, Retirement or
Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) and 5498
(Individual Retirement Arrangement Information). These
requirements apply to payments made during calendar year 1992
and, in the case of Forms 5498, to contributions made for 1992.
Section 2 of Part A describes changes made by Rev. Proc.
92-30 to Rev. Proc. 91-36, which it supersedes. (See 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.) Among the changes made is the deletion
of the requirement to separate corrected and original returns
when submitting forms to IRS.
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment