The IRS has revised Publication 1586, “Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs on Information Returns.” The document provides guidance on resolving issues arising from incorrect name/TIN matches reported on tax-information returns.
The revised publication has a number of changes. Instruction on how to open and review CD/DVDs has been removed from this publication. The revised document also makes reference to contemporary penalty rates for incorrect name/TIN matches, $60 per return for tax year 2024 and forward. The document now states the de minimis rule for corrections applies to returns due January 31; previously the document did not state forms due January 31 were subject to the de minimis rule.
In addition, a number of inconsequential editorial changes were made throughout.
To review the publication, follow this link.
