IRSAC Annual Report Addresses Taxpayer First Act, Filing Threshold
At a public meeting on November 16, the IRS Advisory Council (IRSAC) presented its annual report [Publication 5316]. The general report identifies two main issues and contains individual recommendations from its subgroups. Martin Armstrong, CPP; Nancy Ruoff, CPA; Jon Schausten, CPP; and Kevin Valuet, CPP, represent APA on IRSAC. Armstrong is the current Vice Chair for IRSAC and will serve as its Chair next year.
IRSAC includes five subgroups. Four reflect the IRS business operating divisions – Small Business/Self-Employed (SB/SE), Large Business and International (LB&I), Wage and Investment (W&I), and Tax Exempt and Government Entities (TE/GE) – and the fifth is the Information Reporting (IR) subgroup.
IRSAC had two main issues that are relevant to payroll. In its report, IRSAC addressed modernization and organizational changes proposed by the IRS to conform with requirements made by the Taxpayer First Act. Members also proposed a safe harbor and a change in the date of implementation for the reduction in the electronic filing threshold for information returns.
Full coverage of the IRSAC annual report will be in the December issue of Payroll Currently.
To learn more about federal and state laws, regulations, and information to keep your company's payroll operations in compliance, check out Payroll Source Plus!
Photo: Kevin Valuet, CPP, accepts certificate of appreciation for his work on IRSAC from IRS Acting Commissioner Doug O’Donnell.
Jyme Mariani, Esq., is Managing Editor of Payroll Currently and Senior Manager of Payroll Information Resources for the APA.