Washington — The Internal Revenue Service Advisory Council (IRSAC) issued its annual report today during a public meeting held in Washington, DC, delivering a report with a series of recommendations on a wide range of tax administration issues.
IRSAC made several recommendations based on its findings and discussions, in some of the following areas:
- Procedures related to filing for the Work Opportunity Tax Credit (WOTC).
- Electronic business returns with Employer Identification Number (EIN)/Name Control mismatches.
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- Effectiveness of the Issue Management Program in Examinations.
- IRS implementation of uncertain tax position (UTP) reporting.
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- Current filing requirements for Foreign Bank and Financial Accounts (FBAR).
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- Proposed continued education program and sponsor requirements for tax return preparers.
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The primary purpose of IRSAC, which draws its members from the tax professional and academic communities, is to provide an organized public forum for senior IRS executives and representatives of the public to discuss relevant tax administration issues.
