FY2023-10: Issuing and Filing IRS Form 1098-F (Fines, Penalties, and Other Amounts)
The IRS issued guidance requiring governments and governmental entities to report, through Form 1098-F, fines, penalties, court orders or agreements with respect to any violation of law or investigation into the potential violation of law. The Office of the Comptroller (CTR), on behalf of the Commonwealth, will issue the Form 1098-F reporting this information to the Internal Revenue Service (IRS).
Governments and governmental entities must file Form 1098-F (Fines, Penalties, and Other Amounts). Form 1098-F reports the amount required to be paid to a government or governmental entity pursuant to a suit, court order, or agreement with respect to any violation of a law or investigation or inquiry into the potential violation of a law, if the aggregate amount involved in all suits, orders, or agreements resulting from a specific instance equals or exceeds an amount determined by the United States Secretary of the Treasury (currently $50,000). The amount required to be paid includes costs to provide services or to provide property. Reporting is required for all suits, orders, or agreements that became binding on or after January 1, 2022. A copy of Form 1098-F can be found here: https://www.irs.gov/pub/irs-pdf/f1098f.pdf.