The Internal Revenue Service has increased its forecasts for the number of information-reporting forms it expects to receive this year and in subsequent years as a result of increased reporting requirements.
In a 2010 report, the IRS predicted that it would receive 2.175 billion information and withholding documents from U.S. businesses and individuals in 2012. But in a recently released update to that report, the IRS is now forecasting that it will receive 2.855 billion information reports in 2012, a readjustment of nearly 700 million forms, effectively a 31 percent increase. In its updated projections, the IRS is taking into account new 1099-K reporting requirements for merchants handling credit card transactions, and 1099-B requirements for buyers and sellers of shares who are now required to report information on the cost basis of the stock.
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