The Internal Revenue Service's Information Reporting Program Advisory Committee sent its annual report to the IRS, recommending, among other things, that the service not require corrections to Form 1099 information returns unless the change amounts to more than $50, as well as a number of recommendations on the formulation of final regulations regarding cost basis reporting for debt instruments and options.
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The IRPAC is a federal advisory committee comprising members of the tax professional community that provides input to the IRS on relevant information reporting issues.
Other recommendations in the 2012 report concern employee benefits and payroll reporting issues, including educating companies about changes in health care reporting related to the Patient Protection and Affordable Care Act, and emerging compliance issues, including Form 1099-K reporting; Form 1098-T Tuition Statement reporting issues; and withholding and tax information reporting under the Foreign Account Tax Compliance Act.
“The members of IRPAC have volunteered a significant amount of their time over the past year to bring private-sector feedback to the IRS on new and existing issues in information reporting,” said IRS Commissioner Doug Shulman. “Their partnership with the IRS helps improve the tax system across many taxpayer groups and sectors of the economy.”