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2016 IRPAC Public Report Table of Contents (detailed)

IRPAC Public Report Table of Contents

2016 IRPAC Public Report Full  (.pdf)

Letter from the Chair  (.pdf)

Executive Summary of Issues  (.pdf)

General Report  (.pdf)

  • 972CG Proposed Penalty Assessments
  • Form W-9, Request for Taxpayer Identification Number and Certification, Revision
  • Suggestions for Improvements to the IRS Use of FAQs

Employer Information Reporting and Burden Reduction Subgroup Report  (.pdf)

  • Reporting by Insurance Companies and Applicable Large Employers under IRC §6055 and §6056
  • Electronic Furnishing of Forms W-2 and 1095-C
  • Theft of Business Taxpayer’s Identity
  • Reactivation of the on-line Electronic Account Resolution Tool (EAR)
  • Information Reporting for IRA Assets Escheated to State Governments and 60-Day Rollover Relief Emerging 

Emerging Compliance Issues Subgroup Report   (.pdf)

A. IRC § 6050S and Form 1098-T Reporting
B. Hard to Value Assets
C. 529 Accounts
D. Form 1098 Mortgage Interest Reporting
E. IRS Publication 1179 Substitute 1099-B Specifications
F. 2016 Form 8949 Instructions
G. IRC §6050W and Form 1099-K Reporting
H. Complex Debt Reporting Requirements

International Reporting and Withholding Subgroup Report (.pdf)

SECTION I – RECOMMENDATIONS ON THE REGULATIONS AND OTHER NON-FORM GUIDANCE

A. Section 305(c)
B. Qualified Derivatives Dealer (QDD)C. Qualified Intermediary Agreement (ex QDD)
D. Withholding Statement
E. Use of Form W-9 as FATCA Documentation for Certain Disregarded Entities
F. IRS FATCA Timeline
G. Partnership Lag Method
H. Escrow Procedures

SECTION II – RECOMMENDATIONS ON IRS FORMS AND INSTRUCTIONS

I. Required Usage Date of Form W-8BEN-E (Rev. April 2016)
J. Limitation on Benefits Transitional Relief
K. February 2016 Draft Form W-8BEN-E and Draft Instructions for Form W-8BEN-E and Corresponding Instructions for Requester of Forms W-8
L. TIN Requirement on Form W-8BEN-E for Foreign 501(c) Organizations
M. GIIN Validation
N. Instructions for Form W-8ECI
O. Forms W-8 with Electronic Signatures
P. Substitute Form 1042-S Payee Statements
Q. Truncated TINs for Form 1042-S Payee Statement
R. Instructions for Form 8966
S. FATCA Reporting by Branch of U.S. Financial Institution in Model 2 Jurisdiction
T. Authorized Foreign Agents
U. Presumption Rules for Pension Payments, Form 1040 General Instructions

Appendix

  • Appendix A Draft Proposed Withholding Statement
  • Appendix B  Recommendations on IRS Summary of FATCA Timelines
  • Appendix C  IRPAC Recommendations on Draft Form W-8BEN-E and Draft Instructions for Form W-8BEN-E Released February 2016 and Corresponding Changes to Instructions for Requester of Forms W-8
  • Appendix D  IRPAC Draft Recommended Substitute Form 1042-S Payee Statement
  • Appendix E  Notice 2016-26 Recommendations for items that should be Included on the 2016-2017 Priority Guidance Plan 
  • Appendix F  Application of Withholding Tax on Section 305(c) Events Prior 1/1/2016
  • Appendix G National Taxpayer Advocate Public Hearing on Taxpayer and Stakeholder Needs and Preferences IRPAC Testimony

Member Biographies   

 

Page Last Reviewed or Updated: 26-Oct-2016