WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today issued its annual report for 2017, including numerous recommendations to the Internal Revenue Service on new and continuing issues in tax administration.
The report includes a discussion on how to improve some processes, such as for penalties, abatement requests and levies as well as business master file entity addresses.
The report also recommended enhancements to Form W-9 and the truncation of Social Security numbers on Form W2, IRC § 6050S and Form 1098-T reporting. During 2017, the committee continued its dialogue with IRS officials regarding reporting requirements under the Foreign Account Tax Compliance Act and the Affordable Care Act and made extensive recommendations regarding both programs.
IRS Commissioner John Koskinen congratulated and thanked six members of the committee who are 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.