Clearing House Advisory Notices
To | Back Office Managers; BPS Users
From | CME Clearing
Subject | BPS IRS 1099 Notification #3
Notice Date | 2008-12-09
Notice Number | 08-393
Effective Date | 2008-12-09
AS A REMINDER, NOVEMBER 30, 2008 MARKED THE END OF THE 2008 TAX YEAR FOR BROKERAGE. This memo covers the entire 1099 process, including: · Year End Reports · Tax Adjustment Period · Backup Withholding · Firm 1099 Statements · BPS 1099 Processing Schedule YEAR-END REPORTS P reliminary 1099 Reports will be available in MRS (Member Reporting System) as report named “Prelim Broker’s Yearly Banking Summary” which will reflect initial adjustments made by December 15, 2008. Firms should make adjustments for the 2008 tax year by Friday December 12, 2008, so the adjustments are reflected on the December 15th preliminary reports. Final 1099 Reports will be available on MRS as “Final Broker’s Yearly Banking Summary” on Monday, January 05, 2009. The report will detail year-to-date brokerage paid plus any tax adjustments. The report is sorted by broker acronym and transaction month. For brokers with multiple tax ID’s the report will be totaled separately for each tax ID. For the full text of this advisory...