The IRS needs to prepare better for new information reporting requirements, a government watchdog said in a Thursday report.
The US Government Accountability Office recommended multiple improvements as the IRS gears up to implement increased information reporting for the Form 1099-K related to online marketplaces such as Venmo or PayPal, and Form 1099-DA for cryptocurrency exchanges.
The IRS agreed with the recommendations, which include updating policies documenting risks for major tax administration decisions, creating a process to thoroughly document stakeholder feedback on the Form 1099-K reporting, and evaluating its communication efforts with taxpayers and tax professionals.
- A 2021 ...
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