SIFMA Requests $50 De Minimis Threshold for Form 1099 Correction Reporting (with Asamoto Comment)

SIFMA requested that the IRS establish a safe harbor, which would not penalize a taxpayer's failure to file a corrected IRS Form 1099-B, -DIV, -INT, -MISC, or -OID if the amount of the correction was de minimis. Under SIFMA's proposal, except when requested by a payee, a taxpayer would not have to file a corrected Form 1099 unless any box within the applicable form exceeded $50.

Asamoto Comment: Simply put, SIFMA is requesting that a corrected Form 1099 would not be required at all if all of the boxes within the applicable form had changed by $50 or less.

See: SIFMA Letter; SIFMA Announcement.See also: FATCA Specialty Page (available to Cabinet subscribers only).