The IRS has adopted a new form for transactions closing in 2017.
The IRS quietly adopted a new 1099-S for transactions closing in 2017. As a result, the 1099-S (Copy B) form currently in DoubleTime should not be used for transactions occurring in 2017. Last week, ALTA issued a news release reporting that many were unaware of the change and the possible penalties for non-compliance. This sure got our phone lines humming!