Broker Reporting Deadline for Composite Tax Statements Extended

Broker Reporting Deadline for Composite Tax Statements Extended (Notice 2009-11)

The IRS has provided additional time to furnish certain composite annual tax reporting statements, including Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, without penalty. The deadline under Code Sec. 6045(b) with respect to reportable items from calendar year 2008 is February 17, 2009. Entities that report such statements have until February 17, 2009, to report all items that they customarily report on these annual composite form recipient statements to all customers, whether or not each customer's transactional history for 2008 triggered an obligation to furnish Form 1099-B to that particular customer. The new February due date was established under section 403 of the Energy Improvement and Extension Act of 2008 (P.L. 110-343) to provide Form 1099-B information to customers and also applies to other tax information customarily reported to customers with Form 1099-B statements on an annual composite tax reporting statement. This would typically include interest and dividends reported on Form 1099-INT and Form 1099-DIV.

Notice 2009-11, 2009FED ¶46,241
Other References:
Code Sec. 6045