IRS Releases Draft of New Information Return, 1098-F

August 16, 2018 Adam Rivera

The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1098-F, Fines, Penalties, and Other Amounts.

Form 1098-F, beginning on January 1, 2019, will be used by a government or government entity to report fines, penalties, and other amounts to recipients who paid those amounts. This new form is a result of the Tax Cuts and Jobs Act because of a new provision in the tax law that greatly expands the scope of the disallowance of deductions for fines and penalties paid to government agencies. The new law disallows a tax deduction for any payment made to a government entity where the payment was made in relation to a violation of law or the investigation of a violation. Additionally, it also disallows deductions for payments made to third parties at the direction of a government agency.

To view the new form, please click the link below.

Form 1098-F

About the Author

Adam Rivera is a member of the Regulatory Analysis Team's Direct Tax division at Sovos. His main areas of focus are Federal and State Tax Withholding and Affordable Care Act (ACA) Reporting. Prior to Sovos, Adam worked as a legislative aide in the Florida House of Representatives. He also has experience in securities law, focusing on securities litigation and researching emerging crowdfunding methods of raising capital. Adam is a member of both the Massachusetts and Florida Bars. He earned his B.A. from the University of Florida and his J.D. from the University of Miami.

More Content by Adam Rivera
Previous Article
Ohio Releases Revised Electronic W-2 Specifications

Ohio has released its specifications for the reporting of W-2s via magnetic media.

Next Article
IRS Releases 2018 Affordable Care Act Information Returns (AIR) Business Rules

The IRS has released the 2018 AIR Business Rules.

×

Regulatory Analysis News - Delivered Weekly

Company
Thank you for subscribing!
Error - something went wrong!