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GGD-93-55R 1 (1993-07-22)

handle is hein.gao/gaobackjc0001 and id is 1 raw text is: (3 United States GAO) General Accounting Office Washington, D.C. 20548 General Government Division B-254 135 July 22, 1993 Senator Arlen Specter 149612 United States Senate Dear Senator: Your April 28, 1993, letter asked for our views on a taxpayer's suggestion about information reporting. Specifically, the taxpayer questioned the need to receive separate information reporting of interest payments via an Internal Revenue Service (IRS) Form 1099-INT, Interest Income when he also received this information via an annual cumulative bank statement. Congress addressed this issue in the Interest and Dividend Tax Compliance Act of 1983 (PL 98-67). The Act repealed withholding of tax from certain interest and dividends but expanded information reporting of this income. Specifically, section 6049(c)(2) of the Internal Revenue Code was amended to require the separate mailing of IRS Form 1099 for reporting of interest payments. Currently, the subsection states (2) Time and form of statement. The written statement under paragraph (1)- (A) shall be furnished (either in person or in a statement mailing by first-class mail which includes adequate notice that the statement is enclosed) to the person on or before January 31 of the year following the calendar year for which the return under subsection (a) was required to be made, and (B) shall be in such form as the Secretary may prescribe by regulations. The legislative history of PL 98-67 specifically addressed the taxpayer's question on the need for Form 1099 reporting in circumstances where taxpayers received annual cumulative bank statements. The 1983 Conference Committee report stated GAO/GGD-93-55R, Information'Reporting C W/(~ 5 & / Ic([2

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