WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today issued its annual report for 2018 including numerous recommendations to the Internal Revenue Service on new and continuing issues in tax administration.
The report includes a discussion on how to implement and/or improve processes such as those for the Change of Business Master File Entity Addresses, E-Signature for Form W-9 as well as the Tax Cuts and Jobs Act.
The report also recommended enhancements to the Filing Information Returns Electronically (FIRE) System, Practitioner ID and Internal Revenue Code 6050S and Form 1098-T Reporting. During 2018, 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) and made extensive recommendations regarding both programs.
Commissioner Chuck Rettig and senior IRS leaders also thanked four members of the committee ending their terms this year:
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 and securities and payroll firms.