IR-2010-105, Oct. 20, 2010

Washington - The Information Reporting Program Advisory Committee (IRPAC) releases their annual report for this year (2010 Report) that illustrates solution on a certain issues about tax administrations.

The IRS and the members of information reporting community in the private sector will try to provide further information regarding reporting issues with the help of open forum organized by the IRPAC. The one who control the IRPAC is the National Public Liaison Office of the IRS. The IRPAC will draw their member from tax professional community in the private sector.

There are 30 issues came from the discussion and IRPAC made further reviews and recommendations on each issue which include the following:

•    Health care reporting (Form W-2) for 2011.
•    Information reporting (Form 1099-MISC) under the Patient Protection and Affordable Care Act of 2010.
•    Cost basis reporting by financial institutions of customer cost basis in securities transactions.
•    Payment reporting (Section 6050W) made in settlement of payment card and third party transactions.
•    Withholding and tax information reporting of payments of U.S. source income to foreign financial institutions and non-financial foreign entities, under Foreign Account Tax Compliance Act (FATCA).