• IRS is Assessing Penalties for Missing or Incorrect Tax Information on Returns
  • September 27, 2012 | Author: Jacquelyn Bateman Kruppa
  • Law Firm: Hunton & Williams LLP - Dallas Office
  • It appears the Internal Revenue Service (“IRS”) is now taking aim at banks for what look like foot faults on information returns. Specifically, the IRS has been assessing penalties on banks for missing or incorrect tax identification numbers (“TINs”) on information returns, such as the Form 1098, Mortgage Interest Statement; Form 1099-INT, Interest Income; Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.