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IRS Answers Frequently Asked Questions
About Information Returns
What are information returns?
An information return is a tax document that certain persons are required to file with the Internal Revenue Service to report certain business transactions.
An information return is not an income tax return; it is used for reporting purposes only. Information on the return is used both to assist taxpayers in preparing their return and to allow the IRS to match the information from the specified transaction to the taxpayer’s tax return
Who has to file information returns?
Any person, including a corporation, partnership, individual, estate, trust or LLC that engages in certain transactions during the calendar year must file information returns to report those transactions to the IRS. Persons required to file information returns to the IRS must also furnish statements to the other parties to the transaction.
What transactions must be reported?
The IRS web site lists 120 transactions and the forms on which they must be reported. This is not a complete list of all transactions, and the absence of a transaction from the list does not mean that the transaction need not be reported. For information on a specific type of transaction, see the separate instructions for the specific form. The list can be found at: http://www.irs.gov/efile/article/0,,id=98114,00.html
Which information returns do I file?
Different types of transactions are reported on different information returns. All IRS information returns can be found on the IRS web site at: www.irs.gov/formspubs/index.html. The specific types of transactions that are required to be reported on each form can be found in the form’s instructions. All links below are to forms used for filing 2004 returns.
Form Number Name Instructions
How do I file information returns?
Information returns may be filed via paper by mailing the form to the correct address identified in the instructions. Certain information returns can be filed using magnetic media. (See the instructions for the form to see if this is applicable). Forms 1042-S, 1098, 1099, 5498, 8027, and W-2G can also be filed electronically via FIRE (File Information Returns Electronically) using a secure internet connection. Filing electronically has a multitude of benefits, including speed, accuracy and cost effectiveness. Certain information returns are required to be filed electronically if more than a certain number are filed. For more information on electronic filing see Tax Tip 805 , the FIRE website at https://fire.irs.gov/ or visit the IRS e-file web page under e-file for business and self employed taxpayers and clicking on Electronic Filing Options for Business Returns and then on Filing Information Returns Electronically (FIRE) (Forms 1099, 1098, W-2G & more).
When are information returns due?
Generally issuers of information returns must provide copies to recipients by January 31 and to the IRS (or Social Security Administration depending on the type of form) by February 28. Refer to the individual instructions for additional information.
What if I need an extension to file information returns?
You can get a 30-day extension for filing information returns with the IRS (or SSA) by submitting Form 8809, Application for Extension of Time To File Information Returns. Refer to the instructions on the form for additional information.
You may also request an extension of time to provide statements to recipients by sending a letter to: IRS - Martinsburg Computing Center, Information Reporting Program, Attn: Extension of Time Coordinator, 240 Murall Drive, Kearneysville, WV 25430. If your request is approved, you will be granted a maximum of 30 extra days to furnish statements to recipients.
What if I made a mistake on an information return?
A correction should be filed as soon as possible. For instructions on amending information returns filed electronically or magnetically, refer to Part A, section 11, of Publication 1220, Specifications for Filing Forms 1098, 1099, 5498 and W-2G Electronically or Magnetically.
For instructions on amending paper information returns, refer to the General Instructions for Forms 1098, 1099, 5498, or W-2G.
What will the IRS use when it matches information returns to income tax returns?
The IRS will use the last corrected information return received.
Where can I get more information?
You can get more information on filing information returns at:
- IRS Website
- Clicking the links below.
- Customer Service:
- Toll Free: 1-866-455-7438
- Direct: 1-304-263-8700 (not toll free) 8:30 am – 4:30pm EST.
- TTY/TDD: 1-304-267-3367 (not toll free) 8:30 am – 4:30pm EST.
Get information regarding filing Forms W-2 online at:
· Filing Forms W-2 online
o Web Address: http://www.socialsecurity.gov/employer/efiling.html
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