Although not specifically stated, it would be advisable to attach a statement to the final return indicating the taxpayer's intention to report under the owner's name and taxpayer identification number
The inability to confirm taxpayer identification numbers
is one of the most frustrating aspects of information reporting.
If, during the election period, there is an executor, a single Form 1041 is filed annually for the combined electing trust and related estate under the name and taxpayer identification number
of the estate [Treas.
For example, the Subcommittee has taken a leadership role in recognizing the need for a computerized, telephone-based verification system for taxpayer identification numbers
- a program TEI supports as a tool of payer empowerment.
4) As we understand the Government Operations Subcommittee proposal, a payer would establish contact with the IRS (perhaps through a modem-to-modern hook-up), key in the vendor/payee's name and taxpayer identification number
, and be instantly notified (i) whether the TIN is valid and (ii) whether the payee is exempt from information reporting (e,g.
64-250 (74) and 73-526 (75) for the proposition that the existing S election would not terminate and the new entity could use the same taxpayer identification number
as the former entity.
The acknowledgment must include the donor's name and taxpayer identification number
(typically, his or her Social Security number), the vehicle identification number, a statement certifying that the car was sold in an arm's-length transaction, the amount of gross proceeds from the sale and a statement that the donor may not deduct more than the gross proceeds from the sale.
In this regard, it is interesting to note that one aspect of the proposal -- an IRS initiative to assist payers in verifying the taxpayer identification number
of payees -- has been abandoned, apparently because the IRS cannot implement the program on schedule.
This item discusses the different classes and definitions of individuals who are subject to wage withholding, the new wage-withholding method for nonresident aliens (NRAs), the Service's individual taxpayer identification number
(ITIN) program, and the preparation of a wage-only income tax return for an NRA.
The section 32(c)(3)(D)(i) requirement provides that a qualifying child shall not be considered unless the taxpayer includes the child's name, age and taxpayer identification number
(TIN) on the tax return.