Toledo Ohio Form Instruction 1099-INT & 1099-OID 2024-2025

Toledo Ohio Form Instruction 1099-INT & 1099-OID: What You Should Know

Forms (PDF) — United States Government TOLEDO, OHIO, April 14, 2025 — The IRS today issued guidance on income tax return preparers' use of a tax software program that allows them to electronically file tax returns for some customers. Today's Notice of Proposed Rule making (NORM) addresses the following question: Can preparers provide tax-exempt income tax returns to their customers using a software program that accepts income tax returns, but then automatically submits those returns to the IRS via the Internet, even if the preparer has not made the customers' tax preparation decisions? At risk are taxpayers who prepare such returns for clients using software programs, which generate the taxable income information before submitting the returns to the IRS. The IRS issued this guidance to address several issues that have occurred across federal tax law related to the use of electronic taxpayer assistance programs, or Eats (e-file programs). The IRS' NORM also covers other issues affecting preparers' use of Eats that the IRS and its tax professionals can address separately. The IRS also encourages all tax professionals to use the EAT provisions in their current tax return preparer software programs, and to understand their requirements. Taxpayers should consult their lawyers or a representative with the IRS' EAT Unit if they have any questions they wish to discuss with their tax professional. “Innovation does not happen when the IRS is making changes to the tax system. Innovation occurs when the customer is creating new products or services. Taxpayers benefit when the IRS recognizes innovation and provides flexibility when it comes to taxpayers' choice of software programs to use in their business.” said IRS Commissioner John Tolkien. “The Revenue Procedure 2014-10, entitled Taxpayer-Directed Information Technology Tax Assistance (TI DTA) — Taxpayers and Tax Return Preparers — will address TI DTA in the context of TI DTA for preparers. It will create a streamlined process that helps preparers to keep up with technology innovation so that taxpayers have access to best practices and opportunities to use emerging technologies to reduce their own taxpayer support burden.” “We are pleased the IRS, in response to growing consumer demand and the industry's concerns, is providing guidance on TI DTA for taxpayers,” said Matt Barrister, CPA, CFT, CPA-CIT Tax Services, with the Tax Association of New York.

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