Magazine article The CPA Journal

IRS Unveils Final Tin Matching Regulations

Magazine article The CPA Journal

IRS Unveils Final Tin Matching Regulations

Article excerpt

The IRS recently issued final regulations and removed 1994 proposed and temporary regulations pertaining to a program for the matching of taxpayer names to their taxpayer identification numbers (TINs). The regulations permit the IRS to initiate TIN matching programs as circumstances warrant. One such circumstances matching by Federal agencies, is discussed below.

Commentators on the 1994 proposed regulations requested that participation in the TIN matching program enable payors to establish the "reasonable cause" defense necessary to excuse the payor from penalties under IRC section 6721 for failure to file correct information return information and section 6722 for failure to furnish a correct payee statement. The final regulations do not provide the comfort requested in the comments. Instead, the regulations state that nonparticipation or participation in the program will not adversely affect the payor's reasonable cause defense. Also, the extent to which participation in the matching program could establish reasonable cause will be covered in guidance still to be issued. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.