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CCH® PENSION — 08/11/10

IRS updates specifications for electronic filing of certain 2010 information returns, including Forms 1099-R and 5498

The IRS has issued a revenue procedure which provides updated specifications for electronic filing of Forms 1098, 1099, 5498, and W-2G information returns with the IRS through the IRS Filing Information Returns Electronically (FIRE) system. The revenue procedure, which supersedes Rev. Proc. 2009-30 published as Publication 1220, must be used for the preparation of Tax Year 2010 information returns and information returns for tax years prior to 2010 filed beginning January 1, 2011.

Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) changed code E description to Distributions under Employee Plans Compliance Resolution System (EPCRS).

The IRS has changed the contact name from IRS/ECC-MTB to IRS/IRB (Information Returns Branch). The address for suggestions or comments concerning this revenue procedure has been changed to: Internal Revenue Service, Attn: Information Reporting Program, 230 Murall Drive, Mail Stop 4360, Kearneysville, WV 25430. The Customer Service section of the IRS Information Reporting Program may be reached by telephone at 866-455-7438 or by fax at 877-477-0572.

Source: Rev. Proc. 2010-26, I.R.B. 2010-30, July 26, 2010.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

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