IRSAC Annual Report Addresses Two Payroll Issues
At a public meeting on November 9, the IRS Advisory Council (IRSAC) presented its annual report [Publication 5316, rev. 11-23]. The general report identifies one main issue and contains recommendations from its subgroups. Martin Armstrong, CPP; Nancy Ruoff, CPA; and Jon Schausten, CPP, represent PayrollOrg on IRSAC. Armstrong served as IRSAC Chair this year.
IRSAC includes five subgroups. Four reflect the IRS business operating divisions – Small Business/Self-Employed (SB/SE), Large Business and International (LB&I), Wage and Investment (W&I), and Tax Exempt and Government Entities (TE/GE) – and the fifth is the Information Reporting (IR) subgroup.
The 2023 report contains recommendations on 23 issues that cover a broad range of topics. There are two recommendations of interest to payroll: enhancing the Combined Federal/State Filing (CF/SF) program and allowing the use of cryptocurrency to make federal tax payments.
IRSAC also incorporated items from the IRS’s Strategic Operating Plan that explains how the agency is implementing changes from the Inflation Reduction Act. In the report, IRSAC stressed the need for consistent annual appropriations funding so that the IRS may achieve its goals of providing efficient, effective, and modern service.
Complete coverage of the IRSAC annual report will be in Payroll Currently (Issue 12, Vol. 31, 12-1-23).
To learn more about federal and state laws, regulations, and information to keep your company’s payroll operations in compliance, check out Payroll Source Plus!
Rayna Alexander, Esq., is Editor of Payroll Information Resources for PayrollOrg.