Improved information reporting sounds good — but as with anything IRS touches, how beneficial it really is to you is all in the details.

Here are the latest recomendations from IRS’ Information Reporting Program Advisory Committee (IRPAC):

• Hiding or “masking” payees’ Taxpayer Identification Numbers on information reporting forms
• Making Form 990 easier for tax-exempt organizations to file
• Improved instructions for disaster reporting of postponed annual tax year contributions to IRAs, and
• New guidance for taxpayers who receive Form 1099, 1042-S0 and Schedule K-1 for the same partnership income.

IRPAC’s mission is to use taxpayer feedback on current tax procedures to make the process easier for everyone involved.

No timeline set for the above changes, but when they do take effect, we’ll have more details for you.

You can see the full report from IRS.

Tags: 1099s, Benefits, IRS, Tax compliance, Tax-exempt