• REVISED: BPS IRS Form 1099 Notification #2

      • To
      • Clearing Member Firms; Back Office Managers
      • From
      • CME Clearing
      • #
      • 09-525
      • Notice Date
      • 25 November 2009
      • Effective Date
      • 25 November 2009
    •  

      November 30, 2009 marks the end of the 2009 BPS tax year for brokerage. The following 1099 processing schedule will be effective for the 2009 tax year:

       
      DATE:
       
      ACTION:
       
      Friday, December 11, 2009
       
      Deadline for initial 1099 adjustments.
       
      Monday, December 14, 2009
       
      Preliminary CME and CBT 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 11, 2009. NYMEX and COMEX 1099 Reports will be available for pickup at the trading floor’s master pulpit. In BPS, firms can run the Tax Billing Group Details report to verify their tax details.
       
      Thursday, December 31, 2009
       
      Deadline for final adjustments to the Firm 1099 Reports.
       
      Monday, January 04, 2010
       
      Final CME and CBT 1099 Reports will be available on MRS as “Final Broker’s Yearly Banking Summary”. NYMEX and COMEX 1099 Reports will be available for pickup at the trading floor’s master pulpit.
       
      Monday, January 11, 2010
       
      Deadline for reporting any discrepancies in 1099 Reports to the CME Clearing House.
       
      Tuesday, January 19, 2010
       
      Distribution of 1099 Statements to clearing member firms.
       
      Thursday, January 28, 2010
       
      Deadline for clearing member firms to distribute 1099 statements to brokers.
       
      March 2010
       
      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 Group Clearing Services at 312.207.2525 or ccs@cmegroup.com

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