2. Decrease backup withholding and penalty notices;
3. Reduce the error rate in TIN validation.
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The IRS Publication General Instructions for Certain Information Returns – 2011 states under the What’s New section that
“Pilot program for truncating an individual’s identifying number on paper payee statements has ended. Filers must show the individual payee’s complete identifying number on all copies of the form.”
At the time of writing and releasing the 2011 publication, the Social Security (SSN) masking program had ended. Since that time, the IRS has extended the SSN masking program. For 2011, the first 5-digits of a social security number can be replaced by an ‘X’ to appear as XXX-XX-1234 on Copy B.
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For the original version on PRWeb visit: http://www.prweb.com/releases/prweb2011/10/prweb8883228.htm