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For example, a bank could not obtain consent from a customer to furnish Form 1099-INT, Interest Income, electronically if the customer does not have access to a computer or to the bank's website on which Forms 1099-INT will be posted.
The primary purpose of the publication is to help brokers and other middlemen identify publicly offered OID debt instruments, which they hold as nominees for the true owners, so they can comply with their responsibility to file Forms 1099-OID and Forms 1099-INT.
If the alternative procedure is used, the successor is required to file a separate statement with the IRS indicating that Forms 1099-INT are being filed on the combined basis.
The pilot TIN Matching Program will include Forms 1099-INT, 1099-DIV, 1099-OID, 1099-PATR, 1099-B and 1099-MISC and will be limited to 1,000 participants.