The Information Reporting Program Advisory Committee (IRPAC), in its annual presentation to the IRS, recommended expanded use of the TIN Matching Program to improve information reporting accuracy.

In the sub-recommendations, among others, IRPAC recommended expansion of the TIN Matching Program to include filers of all nonwage information returns in which incorrect-TIN penalties under IRC §§ 6721 and 6722 apply. IRPAC also recommended the IRS to amend Revenue Procedure 2003-9 to “allow the filer to check the TIN provided by the payee against the name/TIN combination after filing an information return other than those potentially subject to backup withholding,” to develop a new premium-level TIN Matching service and to add a checkbox in tax filing forms to indicate the payee’s willingness to submit TIN to the IRS TIN Matching program.

See 2014 IRPAC Public Report.

Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal