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:
- W-9 Saves Time and Money
Learn Form W-9 basics.
- TIN Matching Program
Learn how to avoid costly penalties and expenses from filing invalid Forms 1099.
- What You Need to Know About Backup Withholding
BUW refers to the tax withheld from a payment to a service vendor reportable on Form 1099-MISC.
Revenue Procedure 2019-39
This revenue procedure (PDF) extends the time periods for 403(b) plan sponsors to correct form defects that could disqualify their plan.