The Internal Revenue said it will propose a number changes in the regulations on reports related to the Act. All the proposed changes will have the effect easing obligations and companies.
The agency issued Notice 2015-68, which details the proposed regulations under § 6055 the Internal Revenue Code. Near the end the 11-page document is a proposal to give to who could face for filing problems.
May be subject to for failing to file correct information or furnishing correct payee statements. Currently the will not impose those who have made “good faith efforts to comply,” but some have expressed concern about how that will be interpreted, especially in respect to obtaining a correct taxpayer identification number (TIN) from an or family member.
The proposed rule would exempt the from for failing to report a TIN if they ask for that information when an is first enrolled, or at the next open if the is already enrolled, and make a second request “at a reasonable thereafter,” and a third request by December 31 the year following the initial request.
In addition, an is not required to request a TIN from an whose has been terminated.
Other proposed changes include allowing filers to truncate both and company TINs in reports, changes in report catastrophic , and allowing electronic delivery statements to expatriate employees living abroad.