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Notices and Updates

January 31, 2020

Delivery of 2019 1099 Forms

Regulated Investment Companies – such as mutual funds or real estate investment trusts (REITs) – may not be able to provide Trust Company with the pertinent information, particularly in the areas of qualified dividend income and capital gain classification, needed to prepare and distribute certain 1099s to our clients by the January 31, 2020 deadline.  Rather than sending preliminary Form 1099s by January 31st, and then sending corrected forms at a later date, Trust Company has filed an extension with the IRS, allowing us to wait until all data has been received and processed before preparing and distributing the 1099s.

The 2019 1099-DIV, 1099-B, and 1099-INT forms, along with tax worksheets, will be delivered electronically to clients in one “tax packet” by early March.  Clients, and/or their designated representative, will be notified by email when the 2019 tax packets are available.  Please note that Form 1099-MISC and Form 1099-R have already been physically mailed to clients under separate cover.  Copies of Form 5498, which are for your records only and do not need to be filed with your tax return, will be physically mailed in May.