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IN OTHER NEWS, BEER FOUND POPULAR AMONG STUDENTS, DRINKERS
June 08, 2004
Tax Notes headline: "Some Forms 1099 Erroneous This Year, Study Finds"
The headline doesn't quite do justice to the story, which reports that 9.5% of 1099s from investment houses had errors in 2003, based on a survey by the Securities Industry Association. While the story isn't quite clear on this, it appears that this compares to a normal error rate of about 7.5%. This would be about a 27% increase over the normal error rate.
The higher error rate is unsurprising, considering the mid-year change in dividend rules that took effect in 2003.
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