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The Online Advisor - August 1998
New Business: IRS to require 4-digit years
If you are required to file any information returns (such as forms in the 1099 series), get ready now to comply with a new IRS requirement. Date fields which previously had two position fields for the year (e.g., 98 for 1998) will be expanded to four-digit fields (so that 1998 must be entered rather than 98). The date field expansion is being made in preparation for the year 2000.
The change will be effective for 1998 data, which generally is filed early in 1999. Your systems should be updated now to conform to the new date requirements.