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January 08, 2013

IRS proposes rule for truncated TINs

The IRS is seeking comments on a proposal to allow filers of certain information returns to display just the last four digits of the taxpayer identification number in reports sent to IRS and taxpayers.

The rule would permit use of a truncated TIN, or TTIN, in payee statements to identify payees. For purposes of this rule, an information statement could be a return, statement, form or other documents that must be filed with IRS to report transactions with another person during a calendar year.

The IRS has already conducted a pilot program for the TTIN, which generally went over well with return filers. Some filers noted limitations that prevented their participation. They suggested that truncation be allowed on a greater number of payee statements, that it be permitted on electronically furnished payee statements and that they be allowed to truncate an individual payee's employer identification number as well.

Other feedback included concern that truncation would make it difficult for taxpayers to see errors in the underlying records; and that truncation could adversely affect state income tax processing.

Besides seeking comments, the IRS plans to hold a public hearing March 12 on the proposal. Outlines of topics for discussion at the hearing are due Feb. 20. See the Federal Register notice for more.

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