Tax Law Updates | New Proposed Regulations
November 4, 2009
IRS Releases 2009 IRPAC Advisory Report
2009 Information Reporting Program Advisory Committee Public Report
IR-2009-097, 10/28/2009
The Information Reporting Program Advisory Committee (“IRPAC”) has released the advisory group’s 2009 recommendations on a wide range of tax administration issues.
Based on its findings and discussions, IRPAC made more than 50 recommendations on a broad array of issues and concerns Internal Revenue Service-wide, key among them:
- Creating a new form and modified rules on information reporting of payments made in settlement of payment card and third party network transactions.
- Providing guidance on tax information reporting and withholding.
- Reporting of customer’s basis in securities transactions.
- Creating online Form W-4 instructions…
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