The IRPAC is a federal advisory committee that, using public forums, gathers information regarding reporting issues. Members of the committee come from a cross-section of individuals from the professional community, including tax professionals, financial institutions, small and large businesses, universities and colleges, and securities and payroll firms.
Once a year they submit a report to the Commissioner of Internal Revenue which details new and existing issues needing attention. Acting Commissioner Danny Werfel said, “In their report, IRPAC members provide valuable feedback to the IRS on a wide range of information reporting issues. Committee members have graciously offered their time and expertise. The IRS will carefully consider their recommendations.”
Some of those recommendations include the following:
- Extend truncation of taxpayer identification numbers (TINs) to employer identification numbers (EINs).
- Expand the TIN matching program to permit matching on a greater number of return types.
- Improve instructions to reduce errors on Form 1099-MISC.
- Provide additional guidance with regard to merchant card reporting on Form 1099-K.
The report also includes feedback on cost basis report for debt instruments and reporting requirements under the Foreign Account Tax Compliance Act (FATCA) and the Affordable Care Act.
You can access the full report on the official IRS website,
Universal Accounting Helps Tax Preparers Succeed
At Universal, we believe it’s important to prepare for the future, and we’re interested in seeing your future success as a tax preparer. Our online tax training, the Professional Tax Preparer Program, is designed to help professionals like you master tax preparation, become efficient in the completion of individual and business returns, and establish thriving home-based tax businesses. If you would like to learn more, visit Universal for a free video today!
Resource
–. “IRPAC Issues Annual Report for 2013.” 11 December 2013 IRS.gov
