REMINDER: IRS File Export Beginning 2/15/2018
REMINDER: Export your IRS forms to CBS beginning Thursday, February 15, 2018 and no later than Wednesday, February 28, 2018.
We have recreated the original announcement posted on January 8, 2018, for your reference.
ORIGINAL ANNOUNCEMENT
NOTE: These procedures are applicable for only those credit unions choosing to use the CBS
Service for IRS Electronic Filing.
CBS DOES NOT PRINT IRS tax forms.
Because your members may find errors in the IRS Forms that they receive from you, please DO NOT NOTIFY CBS that your IRS Forms are ready for submission to the IRS UNTIL February 15, 2018, and no later than February 28th, 2018, and you have ensured that all your IRS Forms are correct.
Click here for information on the IRS Tax Forms that was posted here on November 9, 2017. On page 5 of the document, it states the following concerning exporting IRS Forms for CBS to upload to the IRS.
Do not perform these tax data exporting procedures until:
- The CAMS-ii year-end batch processing has been completed.
- Any/all applicable IRS tax data proof listing reports have been reviewed for accuracy.
- Any/all applicable maintenance to the members IRS tax data has been completed.
- Any/all IRS tax forms have been processed (i.e. printed and/or sent electronically)
delivered to the members, and any necessary corrected tax forms have been processed. - February 15th or after… Do not export your IRS files any sooner than February 15th.
Please contact CBS Support with any questions concerning this posting.
Update for IRS Form 1098 Processing Issues in CAMS-ii (TM)
We have updated your CAMS-ii server to fix a problem with some IRS Form processing reports—
- that listed too many accounts on the 1098 Proof Listing
- that generated a 1098 driver file with those extra accounts
- and that reported the 2016 beginning balance instead of the 2017 beginning balance.
The driver file is fixed, the manually-run reports reflect the correct data, the forms are correct, and the correct beginning balance appears.
Note: This software update does not automatically regenerate a 1098 Proof Listing, so you must regenerate it to get an accurate 1098 Proof List at Back Office > Standard > IRS Tax Process -– Choose the appropriate IRS Forms and select Proof Listing from the Tax Process drop-down list.
The regenerated 1098 Proof List will be available in the DRM as CU$1099LST PROOF LIST-- 1099s, 1098s.
Further instructions for running a Proof List are available in the CAMS-ii HELP; go to CAMS-ii How-To's > I thru L > IRS Tax Processes > About IRS Tax Processes/IRS Checklist.
If you have any questions about this post, please contact your Support Center.