October 6, 1992
TO: TAX MEMBERS NO. 62-92
OPERATIONS MEMBERS NO. 35-92
TRANSFER AGENT ADVISORY COMMITTEE NO. 56-92
RE: IRS REVISES PENALTY PROGRAM FOR 1990 INFORMATION RETURNS
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As we previously informed you, the IRS recently announced
that it would waive the otherwise applicable $50 per return
penalty for filing 1990 information returns with missing or
incorrect taxpayer identification numbers ("TINs"). (See
Institute Memorandum to Tax Members No. 50-92, Operations Members
No. 29-92 and Transfer Agent Advisory Committee No. 43-92, dated
August 5, 1992.) In the attached "corrected" IRS Announcement
(No. 92-115A), the IRS modifies its earlier Announcement (No. 92-
115) by providing that it will waive the penalty "in most cases."
However, the Announcement concludes, "in certain cases this
penalty may be charged after an examination of a payer’s
returns."
We will keep you informed of developments.
Keith D. Lawson
Associate Counsel - Tax
Attachment