The Information Reporting Program Advisory Committee (IRPAC) released the advisory group’s 2009 recommendations on a wide range of tax administration issues.
Key recommendation were –
- 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.
Source: http://www.irs.gov/