IRS updates specifications for electronic filing of certain 2012 information returns, including Form 5498

The IRS has issued a revenue procedure which provides updated specifications for electronic filing of Forms 1099, 3921, 3922, and 5498 information returns with the IRS through the IRS Filing Information Returns Electronically (FIRE) system. The revenue procedure, which supersedes Rev. Proc. 2011-40 published as Publication 1220, must be used for the preparation of Tax Year 2012 information returns and information returns for tax years prior to 2012 filed beginning January 1, 2013.

The title for Section 2, which was “Nature of Changes-Current Year”, has been changed to “What’s New for Tax Year 2012″. For all forms, Payment Year, Field Positions 2—5, for the Transmitter “T” Record, Payer “A” Record, and Payee “B” Record must be updated with the four-digit reporting year (2011 to 2012), unless reporting prior year data. Also, the name control information in field positions 7—10 of the Payee “B” Record has been updated for all forms.

The Due Date Table 2, Part A, Section 7, has been redesigned and updated. The IRS states that Form 4419 (Application for Filing Information Returns Electronically (FIRE)) must be submitted at least 45 days before the due date of the return to allow the IRS to process and respond to applications.

Programming changes for Form 5498 (IRA Contribution Information) include that the “Postponed Contribution Code” in filed positions 556—563 of the Payee “B” record was expanded from two field positions to eight field positions. In addition, the Armed Forces no longer designate combat zones. Contributions will be defined by either a Public Law or an Executive Order.

Source: Rev. Proc. 2012-30.

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For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer’s Benefits Reports.

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