Matched Accounts Method. The Department will provide the Financial Institution with quarterly electronic data files identifying individuals by name and social security number who owe past-due support. The Financial Institution will match the electronic data file against its open accounts. The Financial Institution’s open account data that matches to the Department’s data file will be provided to the Department in the manner specified by Method 2 of the OCSS Handbook. The Financial Institution will return a match file to the Department within fifteen (15) business days after receiving or downloading the Department’s data file.
Matched Accounts Method. This file contains a list of persons that the institution will match against its records. • Match Files – The files sent to the state of accounts matched under Method 2 – Matched Accounts Method, where the state supplied the institution with an Inquiry File. All files sent to the state under the Data Match program contain only three types of records, which are defined in this handbook: • Financial Institution Record • Account Owner Record • “T” Total Record We wrote these specifications to allow institutions to copy and change existing Form 1099 programs rather than create an entirely new layout. To minimize programming, certain Form 1099 fields are permitted in these Specifications and are designated as “Optional.” 8 Common Data Match Errors The state encourages filers to verify the content of their data match files to ensure the accuracy of the data. This may eliminate the need for states to return files for correction. This is especially important to those who have reports prepared by a reporting agent. Filing institutions will receive the rejected files back with an explanation for the rejection. The institution should make the appropriate corrections and resend the file as soon as possible. The following were frequently encountered problems experienced by the Massachusetts Department of Revenue in the first year of its Financial Institution Data Match operation: • Form 1099 Reports submitted in place of Method 1 Data Match Reports Although the magnetic media specifications for 1099 and data match reporting are similar, a 1099 report cannot be filed in place of a data match report because there are important differences. An institution may elect to combine 1099 and data match filing, but only after electing to do so on the BMRS-I, Data Match Election Form. Even so, the 1099 file must be modified as instructed in this handbook. • Non-interest bearing accounts omitted or excluded Although such accounts may be exempt from IRS 1099 reporting, these accounts are not excludable under the laws governing data match reporting. • Transmittal Report not included with Data Match file This slows the processing of your file. • Transmitter TINXID omitted on Transmittal • “A” Record: The institution or money market fund TIN/FID omitted, positions 7-15 Only numerals should appear in these positions. Hyphens and spaces between digits are also common errors. • Levy service mailing address incorrect or omitted, positions 131-210 The levy service address may be different...
