Internal Revenue Bulletin:  2012-51 

December 17, 2012 

Announcement 2012-48

Corrections and an Addition to Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns


The following announcement lists corrections and one addition for items in Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns, Revised November 26, 2012.

Corrections

Title of Form 1099-K in subsection 1.1.2 — Which Forms are Covered? (page 577)

The correct title of the 2012 Form 1099-K is “Payment Card and Third Party Network Transactions.”

Measurements under Exceptions in Part 2.1.7 (page 585)

The first sentence in the first complete paragraph should read “There is a .33 inch top margin from the top of the corrected box, and a .2 to .25 inch right margin, with a +/- 1/20 (0.05) inch tolerance for the right margin.”

The first sentence in the third complete paragraph should read “The depth of the individual trim size of each form on a page must be 3 2/3 inches, the same depth as the official form.”

Specification for Typography in Part 3.2.1 (page 587)

The second sentence should read “All rules on the document are either 1/2 point (.007 inch), 1 point (0.015 inch), or 3 point (0.045).”

Form 1099-B in Part 4.1.2 (page 589)

In section 4.1.2, the 3rd sentence in the first paragraph of the Form 1099-B section should read “For 2012 dispositions, the substitute Forms 1099-B may have up to five separate sections, each with a heading identifying which securities are included in the list, and each separately totaled.”

Subsection numbers for Section 4.6 — Electronic Delivery of Recipient Statements (page 597)

The Consent subsection under Section 4.6 should be numbered “4.6.2.”

The Format, Posting, and Notification subsection under Section 4.6 should be numbered “4.6.3.”

Addition

Addition to OMB requirements under subsection 5.2.1 (page 600)

The following 3 numbered statements are added after the second bullet:

(1) Why the IRS needs the information,

(2) How it will be used, and

(3) Whether or not the information is required to be furnished to the IRS.


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