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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.
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Title Annotation:International Revenue Service
Publication:The National Public Accountant
Article Type:Brief Article
Date:Sep 1, 1991
Previous Article:IRS plans for modernization.
Next Article:Closing agreements.

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