* Rev. Proc. 93-31, for example, was discussed in and attached to
Institute Memorandum to Accounting/Treasurers Committee No. 19-93, Closed-End
Fund Committee No. 15-93, Operations Members No. 23-93, Pension Members No. 20-
93, Tax Members No. 15-93, Transfer Agent Advisory Committee No. 34-93 and Unit
Investment Trust Committee No. 25-93, dated May 18, 1993.
May 3, 1994
TO: ACCOUNTING/TREASURERS MEMBERS NO. 13-94
CLOSED-END FUND MEMBERS NO. 12-94
OPERATIONS MEMBERS NO. 16-94
TAX MEMBERS NO. 19-94
TRANSFER AGENT ADVISORY COMMITTEE NO. 19-94
UNIT INVESTMENT TRUST MEMBERS NO. 15-94
RE: IRS REVENUE PROCEDURE FOR SUBSTITUTE TAX FORMS
__________________________________________________________
The attached IRS revenue procedure (Rev. Proc. 94-34)
provides the general requirements for the development, printing
and approval of all substitute tax forms. Section 3 of Part A of
Rev. Proc. 94-34 describes the changes that have been made to
last revenue procedure on this issue, which was issued in 1992.
(See Institute Memorandum 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 and Transfer Agent Advisory Committee No. 16-92, dated
March 27, 1992.) Section 16 of Part A lists other revenue
procedures, such as Rev. Proc. 93-31 (relating to paper
substitutes for certain IRS Forms, including Forms 1099 and
5498), that provide more specific guidance on various filing
requirements.*
Part B of Rev. Proc. 94-34 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).
We will keep you informed of developments.
Peter J. Cinquegrani
Assistant Counsel - Tax
Attachment