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/ C O R R E C T I O N: IRS-NASHVILLE /

 / C O R R E C T I O N: IRS-NASHVILLE /
 In CH005, "IRS Announces Magnetic Media Filing Requirements," moved


earlier today, the third paragraph, eighth line, should read, " ... by January 15, 1992" rather than "January 15, 1991" as originally transmitted. The corrected release follows.
 IRS ANNOUNCES MAGNETIC MEDIA FILING REQUIREMENTS
 NASHVILLE, Tenn., Jan. 3 /PRNewswire/ -- All employer/payers who will file 250 or more 1991 W-2 forms must use magnetic media.
 Uniform magnetic media filing requirements also apply to the following: Form W-2G, "Statement for Recipients of Certain Gambling Winnings;" Form 1099 series; Form 1098, "Mortgage Interest Statement;" Form 1042S, "Foreign Person's U. S. Source Income Subject to Withholding;" Form 5498, "IRA Information;" Form 8027, "Employer's Annual Information Return of Tip Income And Allocated Tips."
 This filing requirement applies unless the payer can establish that filing on magnetic media will result in undue hardship and the payer is granted a waiver of the requirement by the IRS. To request a one-year waiver of the magnetic media filing requirement for information returns, payers must submit Form 8508, "Request For Waiver From Filing Information Returns," to the IRS. The deadline for requesting the waiver for the 1992 filing season is 45 days before the due date of the return (or, generally, by January 15, 1992). Form 8508 may be obtained by calling the IRS toll free at 1-800-829-3676 or directly from the IRS Martinsburg Computing Center by calling (304) 263-8700 (not a toll-free call).
 As a final reminder, the deadline for filing information returns is February 28, 1992, with the exception of Form W-2 (due March 2, 1992); Form 1042S (due March 15, 1992); and Form 5498 (due May 31, 1992).
 Form 8809, "Request for Extension of Time to File Information Returns", may be filed by the payer but must be postmarked no later than the due date of the returns. Taxpayer copies of information returns must be made available to employees/payees by January 31, 1992.
 For further information, you may contact the IRS toll-free at 1-800-829-1040.
 -0- 1/3/92 C CH005
 /CONTACT: Melba Wells, IRS-Nashville, 1-800-829-4992/ CO: IRS-Nashville ST: Tennessee IN: SU: PDT


CM -- CH005C -- 6524 01/03/92 13:52 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 3, 1992
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