As we close the tax books on 2019, there are some changes from the IRS that we have incorporated into our software. They include:
1. For 1099-B's, a new option has been added for the IRS FIRE System file, allowing for the option to define if the 1099-B transactions are a part of a "Qualified Opportunity Fund" instrument.
2. 1098 tax records have had the "Loan Acquisition Date" value added to the reporting. This date references a date in which a Loan was purchased from another party to take over management of the loan. This action currently closes the loan in MIMICS, so this value will remain empty for all 1098 tax records from the MIMICS Loan system.
We will have an update to the tax reporting software as well as training available shortly.