IRS Advisory Committee: Expand TIN Matching

The IRS Information Reporting Program Advisory Committee thinks the IRS should expand its TIN Matching Program, according to its recently released annual report.

IRPAC is a federal advisory committee that provides a forum for discussion of information reporting issues, and its annual report includes recommendations to the IRS on new and continuing tax administration issues. The committee comprises of a cross-section of individuals drawn from the tax professional community, financial institutions, small and large businesses, and universities and colleges, as well as securities and payroll firms.

The report includes a discussion of the IRS Taxpayer Identification Number Matching Program and a recommendation that the IRS expand the program, permitting financial and other firms to use it to verify taxpayers’ names and ID numbers on a greater variety of information returns.

Among other subjects in the report:

• Continuing dialogue with IRS officials regarding reporting requirements under the Foreign Account Tax Compliance Act and the Affordable Care Act.
• 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 2014 IRPAC Public Report is available at IRS.gov.