Today the Information Reporting Program Advisory Committee (IRPAC) released its 2013 annual report, which details their recommendations to the Commissioner of Internal Revenue on how to improve issues in tax administration. IRPAC is comprised of a diverse group of individuals from the tax professional community, financial institutions, businesses of all sizes, universities, and securities and payroll firms. Symmetry Software’s own Samuel Kerch served a three year term on IRPAC.
“In their report, IRPAC members provide valuable feedback to the IRS on a wide range of information reporting issues,” IRS Acting Commissioner Danny Werfel said. “Committee members have graciously offered their time and expertise. The IRS will carefully consider their recommendations.”
In the 2013 report, IRPAC details a myriad of suggestions including improved instructions on the Form W-9, the extension of the online Taxpayer Notification Number (TIN) matching program to include many other information return types, increased guidance on compliance issues related to the Form 1099-K reporting for paycard and third party network transactions, and the extension of the TIN truncation program to employer identification numbers (EINs.) Also included in the IRPAC 2013 Report are comments from the committee on cost basis reporting for debt instruments, discussions of the Foreign Account Tax Compliance Act (FATCA,) and the Affordable Care Act.
Visit IRS.gov to see the complete 2013 IRPAC Public Report.