• BPSTM IRS Form 1099 Notification

      • To
      • Clearing Firms; Back Office Managers; BPS Users
      • From
      • CME Clearing
      • #
      • 14-456
      • Notice Date
      • 24 November 2014
      • Effective Date
      • 28 November 2014

      November 28, 2014 marks the end of the 2014 BPS tax year for brokerage. The following 1099 processing schedule will be effective for the 2014 tax year:






      Friday, December 05, 2014


      Deadline for initial 1099 adjustments.


      Monday, December 08, 2014


      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 05, 2014. In BPS, firms can run the Tax Billing Group Details report to verify their tax details.


      Wednesday, December 31, 2014


      Deadline for final adjustments to the Firm 1099 Reports.


      Friday, January 02, 2015


      Final CME, CBT, NYMEX and COMEX 1099 Reports will be available on MRS as “Final Broker’s Yearly Banking Summary”.


      Monday, January 05, 2015


      Deadline for reporting any discrepancies in 1099 Reports to the CME Clearing House.


      Thursday, January 15, 2015


      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.


      Friday, January 30, 2015


      Deadline for clearing member firms to distribute 1099 statements to brokers.


      March 2015


      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

      For a printer friendly version of this advisory, please click here.