Account Ability to Include Form 1097-BTC

Jan. 7, 2011 - PRLog -- Form 1097-BTC has been created for all holders and issuers of tax credit bonds to report this information.

Form 1097-BTC is an information return for reporting tax credit bond credits distributed to holders of tax credit bonds. The taxpayer holding a tax credit bond on an allowance date during a tax year is allowed a credit against federal income tax equivalent to the interest that the bond would otherwise pay. The bondholder must include the amount of the credit in gross income and treat it as interest income. The issuers and holders of the tax credit bond will send Form 1097-BTC to the bond holders quarterly and file the return with the IRS annually.

You will find a draft of Form 1097-BTC at

http://www.irs.gov/pub/irs-dft/f1097btc--dft.pdf

The 2011 release of Account Ability will include Form 1097-BTC at no extra charge.

You can download the free trial version of Account Ability at http://www.idmsinc.com

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Account Ability prepares information returns (1098, 1099, 3921, 3922, 5498, W2G) and annual wage reports (W2, W2C) electronically, on laser, inkjet, and generic dot matrix printers. IRS Bulk TIN Matching is included at no extra charge.