IRS Rev. Proc. 2007-15 Updates Guidance on Substitute Forms

January 16, 2007 – The IRS is in the process of releasing Revenue Procedure (Rev. Proc.) 2007-15 providing guidance on specifications for substitute information return forms for certain distributions, contributions, fair market value reporting, etc., for retirement, IRAs, and other savings arrangements. These forms are in the Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S series. Rev. Proc. 2007-15 has not yet been posted at the IRS web site; a URL will be forward when it becomes available.