New IRS Forms 1098-F, 1099-LS, 1099-SB.
There are 3 new IRS forms for tax year 2019. Form 1098-F is not required until further notice.
IRS Form 1098-F is known as Fines, Penalties, and Other Amounts is a new information return that was created from the 2017 Tax Cuts and Jobs Act. Form 1098-F is used by government or government entities that exercise self-regulatory powers to report fines, penalties, and other amounts to recipients who paid those amounts.
IRS Form 1099-LS is titled Reportable Life Insurance Sale and reports the amount paid to a recipient from a life insurance sale, the date of sale, and Issuer’s name.
Form 1099-SB is titled Seller’s Investment in Life Insurance Contract and is used by the issuer of a life insurance contract policy to report the amount the seller would receive upon surrender of the transferred insurance contract, the issuer’s estimate of investment in the life insurance contract as well as the assigned policy number.
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Erich J. Ruth
Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.
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