• BPS IRS 1099 Notification 2

      • To
      • Clearing Member Firms; Chief Financial Officers; Back Office Managers
      • From
      • CME Clearing
      • #
      • 08-374
      • Notice Date
      • 01 December 2008
      • Effective Date
      • 01 December 2008
    • November 30, 2008 marks the end of the 2008 BPS tax year for brokerage. The following 1099 processing schedule will be effective for the 2008 tax year:
       
       
      DATE:
       
      ACTION:
       
      Friday, December 12, 2008
       
      Deadline for initial 1099 adjustments.
       
      Monday, December 15, 2008
       
      Preliminary 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 12, 2008. In BPS, firms can run the Tax Billing Group Details report to verify their tax details.
       
      Friday, January 2, 2009
       
      Deadline for final adjustments to the Firm 1099 Reports.
       
      Monday, January 05, 2009
       
      Final 1099 Reports will be available on MRS as “Final Broker’s Yearly Banking Summary”.
       
      Monday, January 12, 2009
       
      Deadline for reporting any discrepancies in 1099 Reports to the CME Clearing House.
       
      Tuesday, January 20, 2009
       
      Distribution of 1099 Statements to clearing member firms.
       
      Thursday, January 29, 2009
       
      Deadline for clearing member firms to distribute 1099 statements to brokers.
       
      March 2009
       
      Deadline for CME sending 1099 Statement Tape to the IRS.
       
      Please ensure the appropriate staff receives a copy of this schedule.
       
      If you have any questions concerning BPS or 1099 processing, please contact: CME Clearing Services at 312.207.2525 or ccs@cmegroup.com

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