• BPS IRS Form 1099 Notification #2

      • To
      • Clearing Member Firms; Back Office Managers; BPS Users
      • From
      • CME Clearing
      • #
      • 12-508
      • Notice Date
      • 26 November 2012
      • Effective Date
      • 26 November 2012
    • November 30, 2012 marks the end of the 2012 BPS tax year for brokerage. The following 1099 processing schedule will be effective for the 2012 tax year:
       
       
      DATE:
       
      ACTION:
       
      Friday, December 07, 2012
       
      Deadline for initial 1099 adjustments.
       
      Monday, December 10, 2012
       
      Preliminary CME, CBT, NYMEX and COMEX 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 07, 2012. In BPS, firms can run the Tax Billing Group Details report to verify their tax details.
       
      Friday, December 28, 2012
       
      Deadline for final adjustments to the Firm 1099 Reports.
       
      Thursday, January 03, 2013
       
      Final CME, CBT, NYMEX and COMEX 1099 Reports will be available on MRS as “Final Broker’s Yearly Banking Summary”.
       
      Monday, January 07, 2013
       
      Deadline for reporting any discrepancies in 1099 Reports to the CME Clearing House.
       
      Thursday, January 17, 2013
       
      Distribution of 1099 Statements to clearing member firms. As in past years, firms will be able to elect the CME Group to send out the statements for a fee. Details will be included on a subsequent advisory.
       
      Thursday, January 31, 2013
       
      Deadline for clearing member firms to distribute 1099 statements to brokers.
       
      March 2013
       
      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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