1 Not all recipients of this memo will receive an attachment. If you wish to obtain a copy of the attachment referred to in
this memo, please call the Institute's Information Resource Center at (202)326-8305 or (202)326-5903, and ask for this
memo's attachment number: m7084.
2 See Institute Memorandum to Accounting/Treasurers Committee No. 23-94, Closed-End Fund Committee No. 12-94,
Operations Members No. 20-94, Pension Members No. 13-94, Tax Members No. 22-94, Transfer Agent Advisory
Committee No. 23-94 and Unit Investment Trust Committee No. 34-94, dated May 13, 1994.
3 See Institute Memorandum to Operations Members No. 5-95, Tax Members No. 8-95 and Transfer Agent Advisory
Committee No. 8-95, dated January 24, 1995.
July 7, 1995
TO: ACCOUNTING/TREASURERS COMMITTEE No. 26-95
CLOSED-END FUND COMMITTEE No. 33-95
OPERATIONS MEMBERS No. 33-95
PENSION MEMBERS No. 35-95
TAX MEMBERS No. 34-95
TRANSFER AGENT ADVISORY COMMITTEE No. 39-95
UNIT INVESTMENT TRUST COMMITTEE No. 55-95
RE: IRS REVENUE PROCEDURE FOR SUBSTITUTE FORMS 1099 AND 5498
______________________________________________________________________________
Attached1 is the IRS annual revenue procedure (Rev. Proc. 95-30) that provides specific rules for
preparing paper substitutes for certain identified forms and for furnishing substitute statements to form
recipients. The requirements contained in the revenue procedure apply to payments made during
calendar year 1995 and, in the case of Forms 5498, to contributions made for 1995.
Section 2 of Part A describes changes made by Rev. Proc. 95-30 to Rev. Proc. 94-35, which it
supersedes.2 The revenue procedure requires all substitutes to prominently display the tax year, form
number and form name in a single area of the statement. In addition, the procedure adopts new
standards for the quality of carbon copies used to produce information statements. The IRS dropped an
earlier proposal to prohibit the practice of providing instructions for more than one form unless the
payor uses a composite report for more than one type of information statement (such as combined
Forms 1099-B and 1099-DIV) and the payor is actually reporting information for each type of
statement.3
We will keep you informed of developments.
Peter J. Cinquegrani
Assistant Counsel - Tax