ICI Conference Call on IRS TIN-Masking Pilot Program -- February 25 at 2:00 PM E.T.
[24138]
February 18, 2010
TO: PENSION COMMITTEE No. 3-10PENSION OPERATIONS ADVISORY COMMITTEE No. 3-10
TAX COMMITTEE No. 5-10
OPERATIONS COMMITTEE No. 4-10
TRANSFER AGENT ADVISORY COMMITTEE No. 10-10
PRIVACY ISSUES WORKING GROUP No. 1-10 RE: ICI CONFERENCE CALL ON IRS TIN-MASKING PILOT PROGRAM -- FEBRUARY 25 AT 2:00 PM E.T.
The Institute has scheduled a conference call on Thursday, February 25th at 2:00 p.m. Eastern Time to discuss the TIN-masking pilot program announced by the IRS in November 2009. [1]
The two-year pilot program allows financial institutions to mask (or truncate) the first five digits of taxpayer identification numbers on paper statements mailed to payees on Form 1099, Form 5498 and Form 1098. The IRS asked for comment about the pilot program by May 1, 2010. Among other things, the IRS asked whether it should require, rather than merely permit, truncation; whether truncation should be extended to paper payee statements not within the scope of the pilot program or to payee statements provided electronically; whether filers should be required to include complete identifying numbers on payee statements upon request of payees; and whether truncation creates difficulties for filers or payees.
If you are interested in participating in the call, please complete the attached response form and fax or e-mail it to Brenda Turner at 202-326-5841 or bturner@ici.org no later than noon, Wednesday, February 24th. To participate, please dial 1-888-831-2982 and enter passcode 19086.
If you are unable to participate in the call but have comments on the pilot program, please provide them to the undersigned by email at adriggs@ici.org or phone at (202) 218-3573.
Anna Driggs
Associate Counsel
endnotes
[1] See Memorandum to Pension Members No. 57-09, Tax Members No. 30-09, Operations Members No. 26-09, Transfer Agent Advisory Committee No. 85-09, Privacy Issues Working Group No. 17-09 [23969], dated November 23, 2009.