The Information Reporting Program Advisory Committee (IRPAC) announced the Advisory Group’s recommendations for 2009 on a variety of tax administration issues (See IRS Newswire IR-2009-97).

IRPAC is composed of professional tax practitioners and IRS employees, with the purpose of publicly addressing systemic information reporting issues.

For 2009, IRPAC offered over 50 recommendations on a variety of service issues and concerns, based on their research, discussions and conclusions. Some of the critical recommendations among the recommendations are, as follows (from the IRS announcement):

- 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 for non-resident aliens

- Withholding on certain payments made by government entities

- Providing additional guidance to government entities that must comply with the withholding provisions

- Permitting payers to issue payee statements showing only the last four digits of a payee’s TIN

Additional information on the full list of recommendations can be obtained from the IRS or consult with a CPA, professional tax preparer or other tax practitioner.

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