A new notice clarifies that, for calendar year 2009, filers of Form 1099-B, Proceeds From Broker and Barter Exchange Transactions, Form 1099-S, Proceeds From Real Estate Transactions, and certain information on Form 1099-MISC, Miscellaneous Income, have until Feb. 16, 2010, to report both the information required on these forms and certain other tax information furnished on the same date.

Background. The Emergency Economic Stabilization Act of 2008 (EESA, P.L. 110-343 amended Code Sec. 6045(b) to change from January 31 to February 15 the deadline for furnishing to customers the information statements required by Code Sec. 6045. These statements are Form 1099-B, Form 1099-S, and, when reporting payments to attorneys or substitute payments by brokers in lieu of dividends or interest, Form 1099-MISC. Because Feb. 15, 2010, is a Federal holiday, filers of these statements will meet the deadline under Code Sec. 6045(b) for reportable items from calendar year 2009 if they furnish the statements by Feb. 16, 2010. (Code Sec. 7503) A penalty is imposed on any reporting entity that fails to furnish any required payee statement by its deadline. (Code Sec. 6722)

EESA also added language to Code Sec. 6045(b) to permit reporting entities, in the case of a “consolidated reporting statement (as defined in regulations),” to furnish by Feb. 15 a statement that otherwise would be required by Jan. 31. Because Jan. 31, 2010, is a Sunday, information returns that are ordinarily due on January 31 will be timely if they are furnished by Feb. 1, 2010. (Code Sec. 7503) There is not yet a regulatory definition of the term “consolidated reporting statement.”

Deadline for reporting items from 2009. Notice 2010-9 applies to reporting entities that must furnish information statements under Code Sec. 6045(b). Such reporting entities have until Feb. 16, 2010, to report any item that they would otherwise be required to report by Feb. 1, 2010, if the reporting entity furnishes the reporting statement to the same recipient or same group of recipients on the same date as a statement reporting items required by Code Sec. 6045(b) (regardless of whether the statements relate to the same or different accounts or transactions). This additional time applies only to items that a reporting entity must report to a recipient based on the same relationship between the reporting entity and the recipient as the items required by Code Sec. 6045 (for example, broker, payor, or real estate settlement agent to customer), and not as a result of any other relationship between the parties such as debtor to creditor or employer to employee.

Accordingly, the additional time provided by Notice 2010-9 applies to the following forms if the requirements of Notice 2010-9 are met: Form 1099-DIV, Dividends and Distributions, Form 1099-INT, Interest Income, Form 1099-MISC, Miscellaneous Income, Form 1099-OID, Original Issue Discount, Form 1099-PATR, Taxable Distributions Received From Cooperatives, Form 1099-Q, Payments From Qualified Education Programs (Under Sections 529 and 530, Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and Form 5498, IRA Contribution Information.

Notice 2010-9 also provides that, if a customer has an account with a securities broker for which a Form 1099-B would be required to be furnished under Code Sec. 6045 if a sale had occurred during the year, the additional time permitted by Notice 2010-9 applies to other items the broker must report to the customer based on the broker-to-customer relationship regardless of whether the customer's transactional history for 2009 triggered an obligation to furnish Form 1099-B to that customer, provided that the statement reporting the other items is furnished on the same date as the date on which the Form 1099-B would have been furnished.