Form 1099-PATR Will Become a “Continuous Use” Form

Form 1099-PATR, Taxable Distributions Received From Cooperatives, is going to join the group of 1099-series information returns which operate as “continuous use” forms because their design and content are not expected to change from year to year. Conversion from an annual form to a continuous-use form means that changes in the form aren’t anticipated to occur annually so the IRS would revise the form only if necessary to conform to a major change such as a requirement in new federal legislation. Forms 1099-MISC, -NEC, -INT, -DIV, -K and other 1099s and 1098s have already become continuous-use forms. On a paper version of the form or a recipient statement, the filer fills in the calendar year along with the reportable information (so new supplies of paper printable forms aren’t necessarily required every year). See the draft of the continuous-use Form 1099-PATR at https://www.irs.gov/pub/irs-dft/f1099ptr--dft.pdf.

Source: COKALA Tax Information Reporting Solutions, LLC, eBulletin July 5, 2022