Proposed regulations on reporting requirements; Penalty relief for reliance on Rev. Proc. 2018-38; CP2100 Notices; IRS videos; Rev. Proc. 2019-39
October 4, 2019
Authored by: Keith Kehrer
Additionally, Notice 2019-47 (PDF) provides penalty relief related to taxpayer reliance on Revenue Procedure 2018-38 set aside by the United States District Court for the District of Montana on July 30.
The IRS will issue a CP2100 or CP2100A Notice if the payee’s name and Taxpayer Identification Number (TIN) on an information return doesn’t match IRS records. Such mismatches trigger backup withholding responsibilities. Publication 1281, Backup Withholding on Missing and Incorrect Name/TIN(s) (PDF), contains all the information payers need to comply.
Review these IRS videos: