1098-F Forms

The IRS has released a new form 1098-F for government or governmental entities to report when the aggregate amount of a penalty or fine incurred reaches a minimum of $50,000. If you are required to file Form 1098-F, you must provide a statement to the payer.

This includes certain nongovernmental entities that exercise self-regulatory powers and they must file a separate Form 1098-F, Fines, Penalties, and Other Amounts, with the IRS for each fine, penalty, or other amount which equals or exceeds an amount determined by the Secretary that is paid in relation to any violation of a law or investigation into potential violation of a law, pursuant to a court order or agreement (“threshold amount”) This “threshold amount” is subject to change.

What it Looks Like

1098-F Example

As if the above was not bad enough the IRS further clarifies that if there has been a material change to the original order or an agreement, a corrected statement must be filed.

1099 Express is equipped to help you handle this onerous filing requirement and we will be happy to help. We also offer Print & Mail services to complete the process from beginning to end for you. Please give us a call for an individual quote at: (361) 884-1500

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