IRS Asks for Input on Post-Merger Tax Forms
Published Date: 1/22/2025
Notice
Summary
The IRS wants your thoughts on how businesses report info after mergers or takeovers, using combined forms like 1099s and W-2Gs. This helps reduce paperwork for companies big and small, including nonprofits and farms. Comments are open until March 24, 2025, so speak up if you want to help shape the process—no changes are planned yet, just a review to keep things smooth.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Successor firms may file combined reports
If your business is a successor after a merger or acquisition, Revenue Procedure 99-50 lets the successor elect to file certain information returns on a combined basis. The successor must file a statement with the IRS saying which forms are being filed together; this applies to Forms 1042‑S, all forms in series 1098, 1099, and 5498, and Forms 1097, 3921, 3922, and W‑2G. This permission covers for‑profit businesses, not‑for‑profit institutions, and farms.
Paperwork burden estimate is very small
The IRS estimates 6,000 responses for this collection, with an average of 5 minutes per respondent and a total annual burden of 500 hours. The agency states there is no change to the existing collection and is seeking public comments by March 24, 2025.
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Key Dates
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