e-News for Tax Professionals Issue 2017-51

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Issue Number:  2017-51

Inside This Issue

1. IRS: Tax Professionals Need 2018 PTIN
2. IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018
3. 2018 Schedule K-1 Bar Code Layouts Available
4. Filing Forms 1099-MISC With NEC in Box 7
5. IRS Criminal Investigation Releases Fiscal Year 2017 Annual Report

Federal tax return preparers must renew Preparer Tax Identification Numbers (PTIN) that expire Dec. 31. Anyone who prepares or helps prepare a federal tax return or claim for refund for compensation must have a valid 2018 PTIN from the IRS. The PTIN must be used as the identifying number on prepared returns.

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The IRS announced that it has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals.

More information is contained in Notice 2018-06

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Final layouts are now available for the Schedule K-1, 2D (two dimensional) Bar Code for the 2018 filing season. The IRS will electronically capture information by scanning the bar code on the K-1 form, resulting in a more efficient operation and fewer transcription errors for your clients.  See a PDF example of the bar coded K-1.

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Taxpayers must file Form 1099-MISC reporting non-employee compensation (NEC) in box 7 by Jan. 31 for both paper and electronic filing. If you plan to file any Forms 1099-MISC reporting NEC after the Jan. 31, 2018, due date, you should separate the submission of those Forms 1099-MISC from any Forms 1099-MISC that do not report NEC. The IRS may inadvertently treat all Forms 1099-MISC in a combined submission as subject to the Section 6721 penalty for failure to file by Jan. 31, even though some of the forms submitted might not be due until Feb. 28 or March 31.

For additional guidance on how to file 2017 Forms 1099 MISC, review:

• Publication 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G Tax Year 2017 (page 16).
• Filing Forms 1099-MISC With NEC in Box 7 with the IRS.

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The IRS Criminal Investigation Division has released its annual report, reflecting accomplishments and criminal enforcement actions during fiscal year 2017.

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