WASHINGTON, April 17 -- Internal Revenue Service has issued a proposed rule called: Increase in Threshold for Requiring Information Reporting With Respect to Certain Payees; Extension and Modification of Limitation on Wagering Losses.
The proposed rule was published in the Federal Register on April 17 by Frank J. Bisignano, Chief Executive Officer.
Summary: This document contains proposed amendments relating to the dollar thresholds in regulations governing information reporting for payments made in the course of a trade or business and the corresponding backup withholding regulations. This document also contains proposed amendments to the regulations governing wagering losses. The proposed regulations reflect recent changes to the statut...