WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today released the advisory group’s 2009 recommendations on a wide range of tax administration issues.
Based on its findings and discussions, IRPAC made more than 50 recommendations on a broad array of issues and concerns Internal Revenue Service-wide, key among them:
- Creating a new form and modified rules on information reporting of payments made in settlement of payment card and third party network transactions.
Providing guidance on tax information reporting and withholding.
Reporting of customer’s basis in securities transactions.
Creating online Form W-4 instructions for non-resident aliens.
Withholding on certain payments made by government entities
Providing additional guidance to government entities that must comply with the withholding provisions.
Permitting payers to issue payee statements showing only the last four digits of a payee’s TIN.
Through IRPAC, systemic problems related to information reporting are addressed in a public forum. IRPAC draws its members from the tax professional community and supported by a staff of IRS employees.