The Internal Revenue Service plans to test a pilot program that would permit filers of information returns to truncate an individual payees nine-digit identifying number on paper payee statements for calendar years 2009 and 2010 to protect against identity theft.
The new pilot program, described in Notice 2009-93, only applies to paper payee statements in the Form 1098 series, Form 1099 series and Form 5498 series. Generally, filers are required to furnish payee statements to payees on or before Jan. 31 (in some instances on or before Feb. 15) of the year following the calendar year for which the information return is made, or be subject to penalties for failure to file the correct information returns or furnish the correct payee statements.
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