2007 IRS Modifications for Release 6.3*

The changes for the 2007 reporting year have been completed for release 6.3*. These modifications have not been tested in the Release 6.3 environment, however they closely represent mods made to the 7.0 programs that were tested.Please test the modifications and report any problems encountered to Sharetec as soon as possible.

Programs modified for this release are: 1099c.p, 1099int.p, 1099oid.p, 1099q.p, 1099r.p, mort1098.p, 5498.p, 5498esa.p.

There are no st-data related modifications for this release. As such, there is no upload program included.

Requests Completed for this Regulatory Release

****NEW FOR 2007****
  • IRS regulatory changes include reporting of Private Mortgage Insurance Premiums paid at closing. Amounts >= 600.00 are to be reported on form 1098. NOTE: Because the credit unions still on release 6.3* are not originating first mortgage loans, no programming was done to accommodate this amount field.
  • With on-line reporting, the IRS has changed the “A” record format to no longer include the Original, Correction, or Replacement File indicators.

****General****

  • When the gross distribution amount is zero, the record will no longer be included in the 1099r tape file to the IRS, and no form will be printed. It had been creating a form for a zero amount when a distribution had occurred, along with a reversal, with a net distribution amount of zero. (#4387)

INSTALLATION PROCEDURE:

1. Review and update the data records.

2. Load and compile the applicable release programs.

3. Maintain the irstaxmt information (if necessary).

Review and update the data records.

For release 6.3*, review and update any menus, reason codes, back-office controls and report-masters as listed above.

Load and compile the applicable release programs.

If no future data definitions have been added to the database, then the programs in the specific release are ready for implementation. If future data definitions have been implemented, then you will need to modify the programs by renaming the ‘zz’ fields to the correct database field name.

Maintain the irstaxmt information (if necessary).

This menu item will prompt the user for the minimum dividend amount, minimum mortgage interest amount, business member types, along with vendor and CU contact information. This information should be reviewed and maintained prior to running the IRS Reporting Modules.