WASHINGTON â€• The Information Reporting Program Advisory Committee (IRPAC) today issued its annual report for 2014, including numerous recommendations to the Internal Revenue Service on new and continuing tax administration issues.
“The IRS values the insight and perspective IRPAC provides,” IRS Commissioner John Koskinen said. “The committee members have experience working with an incredibly diverse range of individual taxpayers and organizations both large and small. Their feedback helps us improve tax administration for the nation, and we will study their recommendations closely.”
The report includes a discussion of the IRS Taxpayer Identification Number Matching Program and a recommendation that IRS expand the program, permitting financial and other firms to use it to verify taxpayer names and identification numbers on a greater variety of information returns.
During 2014, the committee continued its dialogue with IRS officials regarding reporting requirements under the Foreign Account Tax Compliance Act (FATCA) and the Affordable Care Act (ACA).
The report also includes recommendations involving procedures for business taxpayer address changes, third-party sick pay reporting, Form 1099-K, Payment Card and Third Party Network Transactions, and Form1099-B, Proceeds From Broker and Barter Exchange Transactions, among other recommendations.
The full 2014 IRPAC Public Report is available at IRS.gov.
IRPAC is a federal advisory committee that provides an organized public forum for discussion of information reporting issues. It is comprised of a diverse cross-section of individuals drawn from the tax professional community, financial institutions, small and large businesses, universities and colleges, as well as securities and payroll firms.