IRS Provides Specifications for Substitute Wage, Tax Statements

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IRS in Revenue Procedures 2010-42 and 2010-43 updates specifications for the private printing of red-ink and black-and-white paper substitutes for certain 2010 employer tax returns and wage statements. IRS says Rev. Proc. 2010-42 provides the specifications for preparation and use of substitute Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, for wages paid during the 2010 calendar year. IRS says in the procedure that it has postponed the prohibition against including slogans, advertising, and logos on information returns and employee copies reporting wages paid during the 2010 calendar year that was announced in Rev. Proc. 2008-33. The prohibition is now in effect for reporting wages paid in 2011 and thereafter, the service says. Rev. Proc. 2010-43 provides the specifications for substitutes for Form W-2c, Corrected Wage and Tax Statement, and Form W-3c, Transmittal of Corrected Wage and Tax Statements.