IRS Releases 2019 Form to Help Governments Report Fines, Penalties, and Other Amounts
A new 2019 form has been issued by the Internal Revenue Service (“IRS”) to help governments and government entities comply with a portion of the Tax Cuts and Jobs Act (“TCJA”) involving reporting fines or penalties. Form 1098-F requires governments and related entities to disclose fines, penalties, or other amounts assessed against a taxpayer. Government agencies and related entities must file Form 1098-F with the IRS and the taxpayer to report information about the fine or court settlement, whether one or multiple payments will be made, and the total payments actually made by the taxpayer. The new form also requires that reportable penalties. Read More.