There is a new IRS Revenue Procedure that may apply to you. The Internal Revenue Service comes out with new Treasury Regulations, Revenue Procedures and Code amendments on a regular basis. In our field as CPA’s, we see and read these on what feels like a daily basis. On occasion, one these procedures or regulations comes along that has fairly widespread applicability and I like to inform as many people as possible of the legislation. This link, http://www.irs.gov/pub/irs-drop/rp-14-43.pdf takes you to one of those pieces of legislation. The IRS issued Revenue Procedure 2014-43 pertaining to requirements/ guidance for obtaining verification of Social Security Numbers for payees to prevent or stop backup withholding. So if you have been told that you are using an invalid federal identification number or Social Security Number, then this Procedure provides information on how to substantiate your Social Security Number or your entity’s federal identification number. While back-up withholding is not a huge deal because you will get credit for it when you file your tax return, most people or companies want access to there income now and do not want back-up withholding applied to these income sources. This Revenue Procedure takes effect August 1, 2014
We at Fragnoli & Company, CPAs in Brentwood, TN and Hendersonville, TN are here to inform you of these IRS regulation matters and how they may apply to you. If you have any concerns or questions as to how this new Revenue Procedure applies to you, or have questions on any other tax matters or recent tax news as it may apply to you, please feel free to give us a call at (615) 377-0705. If you have a brief question that we can handle over the telephone, there is no charge. If you would like to schedule a meeting, we will accommodate you as quickly as possible.