* See Institute Memorandum to Tax Members No. 19-94, Operations Members No. 16-94, Closed-End Fund Members
No. 12-94, Unit Investment Trust Members No. 15-94, Accounting/Treasurers Members No. 13-94, and Transfer Agent
Advisory Committee No. 19-94, dated May 3, 1994.
April 24, 1995
TO: ACCOUNTING/TREASURERS MEMBERS No. 22-95
CLOSED-END FUND MEMBERS No. 13-95
OPERATIONS MEMBERS No. 21-95
TAX MEMBERS No. 22-95
TRANSFER AGENT ADVISORY COMMITTEE No. 29-95
UNIT INVESTMENT TRUST MEMBERS No. 19-95
RE: IRS REVENUE PROCEDURE FOR SUBSTITUTE TAX FORMS
______________________________________________________________________________
The attached IRS revenue procedure (Rev. Proc. 95-16) provides the general requirements for
the development, printing and approval of all substitute tax forms. Section 3 of Part A of the revenue
procedure describes the changes that have been made to the last revenue procedure on this issue, which
was issued in 1994.* Section 16 of Part A lists other revenue procedures that provide more specific
guidance on various forms' requirements, such as for Forms 1099 and 5498.
Part B of Rev. Proc. 95-16 provides additional specific guidelines for particular forms. For
example, section 17 of Part B provides requirements for preparing substitute Forms 945 (Annual Return
of Withheld Federal Income Tax) and Section 18 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