IRS Issues Updated Form for Electronic/Magnetic Filing Waivers

October 25, 2005 – The IRS has issued a September 2005-dated revision of Form 8508, Request for Waiver From Filing Information Returns Electronically/Magnetically, which is used by financial organizations and other filing entities to apply for a waiver from required electronic/magnetic media filing of 1099 series, 5498 series, 1042-S and certain other information returns. Receiving a waiver allows such entities to file paper information returns.

The changes to this form include conforming the form language to reflect both electronic and magnetic filing, and adding the health savings account forms (i.e., 1099-SA, 5498-SA). This form may be accessed at the IRS web site at http://www.irs.gov/pub/irs-pdf/f8508.pdf.