2014-15 – New Form 1099-Misc From IRS With Few Important Changes For This Tax Season

For the tax year 2014, IRS has released a new form for 1099-MISC with few important changes. This will be the latest version with notable changes.

The first change is that with regard to the Foreign Account Tax Compliance Act (FATCA). The updated form includes a new checkbox for foreign financial institutions (FFIs) and U.S. payers to indicate they are fulfilling their chapter 4 filing requirements as whether they have reported to tax form 1099 in previous year or not and if required to be checked up for this current year and the check box need to be ticked up accordingly.

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IRS instructions as stated as beginning in 2014, an FFI with a chapter 4 requirement to report a U.S. account maintained by the FFI that is held by a specified U.S. person may satisfy this requirement by reporting on Form(s) 1099 under the election described in Regulations section 1.1471-4(d)(5)(i)(A) and thus confirm the updated form instructions for tax-payers to take note of, which the IRS published in October with new instructions for Forms 1099-OID- Original Issue Discount and 1099-INT- Interest Income.

This is only for information about the form 1099 instruction changes for this current season and more details to explain the features of changes for tax payer understanding will come up in other blogs.

Additionally, the latest 1099-MISC form designates certain Medicaid waiver payments as excludable income as difficulty-of-care payments. Payments to foster care providers are excluded if the payments are for fewer than 11 children who are younger than 19 and for fewer than six adults with age 19 or older.

Please visit http://www.Etax1099.com for more information for the updated form and to e-file your tax form 1099-MISC, 1099-INT, and 1099-OID respectively as per requirements.

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