Employers and businesses that must obtain taxpayer identification numbers (TINs): The IRS just updated some relevant information. Publication 1586, “Reasonable Cause Regulations & Requirements for Missing and Incorrect Name/TINs on Information Returns” has several objectives. The publication provides general information needed to avoid penalties for information returns that are filed with missing or incorrect TINs, describes the actions that must be taken to solicit (request) a TIN, and explains the requirements for establishing reasonable cause. The penalty amounts have now been updated to reflect inflation. To learn the new amounts: https://bit.ly/44mv69U
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