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IRPAC Report Highlights US Tax Admin Recommendations

by Mike Godfrey,, Washington

18 December 2013

The Information Reporting Program Advisory Committee (IRPAC) has released its annual report for 2013, including numerous recommendations to the United States Commissioner of Internal Revenue on new and existing issues in tax administration.

IRPAC is a federal advisory committee that provides an organized public forum for discussion of tax administration issues. "In their report, IRPAC members provide valuable feedback to the IRS on a wide range of information reporting issues," the Internal Revenue Service (IRS) Acting Commissioner Danny Werfel said. "The IRS will carefully consider their recommendations."

For example, in the 2013 report, IRPAC recommends that the IRS should extend truncation of taxpayer identification numbers (TINs) to employer identification numbers, so as to protect further against identity theft and the misappropriation of sensitive personal information; and expand the TIN matching program to permit matching on a greater number of return types.

It also points out that the IRS could improve instructions to assist small businesses and reduce errors on the miscellaneous income Form 1099-MISC; and provide additional guidance with regard to merchant card reporting on the informational Form 1099-K.

IRPAC recommends again that the IRS adopt a USD50 de minimis dollar threshold for corrections to original information returns in an effort to reduce overall burden to information return filers, taxpayers and the IRS.

In addition, the committee has continued its request for more time and IRS guidance related to cost basis reporting that now must also take into consideration various taxpayer elections. In particular, it requires communication regarding cost basis reporting for debt instruments, specifically addressing requirements, practices and capabilities for reporting market premium and discount.

TAGS: individuals | compliance | tax | business | tax compliance | Internal Revenue Service (IRS) | tax authority | United States

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