Printer Friendly

IRS late filing penalty program.

IRS Late Filing Penalty Program

The IRS has announced that it has initiated its information returns penalty program for those returns filed after October 1, 1990. The Service will send about 35,000 penalty notices to banks and other financial institutions that have failed to give correct taxpayer identification numbers, filed late or failed to file on magnetic media when required to do so. Those filers who receive notices will be sent information summarizing the forms involved, the number of returns affected and an explanation of the penalties assessed. (For a discussion of the time-tiered penalty structure and other information return reporting developments, see Tax Talk, April 1991.)

The IRS notes that it receives more than one billion information returns a year, including returns related to interest, dividends, mortgage interest received, wages, gambling activities and other reportable payments. It is

therefore critical to the success of the information matching program that accurate taxpayer information be obtained from the various parties involved.
COPYRIGHT 1991 National Society of Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:International Revenue Service
Publication:The National Public Accountant
Article Type:Brief Article
Date:Sep 1, 1991
Words:161
Previous Article:IRS plans for modernization.
Next Article:Closing agreements.
Topics:


Related Articles
Nonfiling of federal income tax returns.
Final payroll tax deposit regulations.
Importance of accurate information returns.
IRS reverses controversial procedural notice.
Recent changes to accuracy-related penalty rules.
The failure-to-file penalty: nuances every tax practitioner should know.
Applicability of sec. 6662 accuracy-related penalties to refund claims.
Penalty suspension period for amended returns.
Pension Protection Act changes valuations for tax purposes.
Common-law mailbox rule reopened.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters