IR-2012-80, Oct. 24, 2012
WASHINGTON ¡ª The Information Reporting Program Advisory Committee (IRPAC) today released its 2012 Report, which includes recommendations pertaining to a number of information reporting issues such as cost basis reporting for debt and options, the new Form 1099-K, the Foreign Account Tax Compliance Act, information return corrections and other tax administration issues.
The IRPAC is a federal advisory committee comprised of members from the tax professional community that provides input to the IRS on relevant information reporting issues.
¡°The members of IRPAC have volunteered a significant amount of their time over the past year to bring private-sector feedback to the IRS on new and existing issues in information reporting,¡± said IRS Commissioner Doug Shulman. ¡°Their partnership with the IRS helps improve the tax system across many taxpayer groups and sectors of the economy.¡±
IRPAC made recommendations on a broad array of issues and concerns, including the following:
- Corrections on Form 1099
- Cost basis reporting on debt and options
- Code Section 6050W and the new Form 1099-K
- Form 1098-T, Tuition Statement
- Employer and insurer reporting under the Affordable Care Act
- Withholding and tax information reporting under the Foreign Account Tax Compliance Act
The 2012 Information Reporting Program Advisory Committee Public Report can be found on IRS.gov.