IR-2012-80: IRPAC Issues Annual Report for 2012

Internal Revenue Service (IRS) sent this bulletin at 10/24/2012 03:33 PM EDT

IRS Newswire

October 24, 2012

Issue Number: IR-2012-80

Inside This Issue

IRPAC Issues Annual Report for 2012

WASHINGTON — 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.

Thank you for subscribing to the IRS Newswire, an IRS e-mail service.

If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe.

This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need to use your email address to log in. If you have questions or problems with the subscription service, please contact support@govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

IR-2012-80: IRPAC Issues Annual Report for 2012

News Essentials

The Newsroom Topics

IRS Resources

Issue Number: IR-2012-80

Inside This Issue