PROCEDURE AND ADMINISTRATION; RETURNS REQUIRED ON MAGNETIC MEDIA -- FINAL REGULATIONS.

The IRS has issued final regulations (T.D. 8081) relating to returns required to be filed on magnetic media. The regulations provide that any person that is required to use Forms 1042S, 1098, 5498, 6248, 8027, W-2, W-2G, W-2P, W-4, or any form in the 1099 series for the purpose of making a return must provide the information required by the form on magnetic media unless (1) the person is a low volume filer with respect to the return or (2) the person is granted a waiver by the IRS. In addition, persons required to file on magnetic media must obtain prior consent to the use of the magnetic medium on which the information is to be submitted.

For further information, contact C. Scott McLeod, Attn: CC:LR:T, IRS, Washington, D.C. 20224, or telephone (202) 566-3288. 51 F.R. 10348-10352

For the full text of the regulation in electronic form, see 86 TNT 58-124 .