IRPAC Releases Tax Recommendations

Submitted by Melissa Lajara on Thu, 10/29/2009 - 09:07

The IRS' Information Reporting Program Advisory Committee (IRPAC) has 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, including:

  • 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.
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