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A new announcement from IRS could change how you have to file Form 8027 for tip reporting.
Publication 1229 has been updated to highlight several recent changes for companies that must file Form 8207 for underreported tips to employees:
- IRS no longer accepts magnetic media in any form.
- Form 4804, which was required for mag media reporting, is now obsolete.
- Form 8809, which allows you to file for an extension, is available as a fill-in form on the FIRE filing system. You can still file a paper version, but IRS “encourages” using the fill-in form.
- Other changes, such as modifying the name of Publication 1229, have been made to reflect the removal of mag media reporting options.
The changes take effect for Forms 8207 due March 2, 2009.