IRS Publishes Notice Requesting Comments on Electronic Furnishing Requirements for Payee Statements

The IRS published a notice requesting comments on whether to modify the requirements for brokers and other filers to furnish payee statements to customers electronically. The notice seeks input on reducing compliance burdens while ensuring that recipients can access electronic statements, particularly for Form 1099-B composite statements and other payee statements under I.R.C. §§ 6041 through 6050AA. The IRS recognizes that current consent requirements may be impractical given that most adults now have electronic access capabilities, but wants to ensure modifications maintain adequate procedures for customers who prefer paper statements or have difficulty accessing electronic formats. Comments are also requested ...