Affordable Care Act: Lesson 3- How to fix incorrectly submitted Tax Identification Numbers (TINs)

VIDEO DESCRIPTION: The Affordable Care Act (ACA) requires accuracy to meet compliance. Understand how to fix incorrect TINs per the Internal Revenue Service (IRS) regulations. CITATIONS: If conducting an Annual Solicitation by mail the IRS suggests a letter stating that the payee must provide an accurate TIN and failure of this may result in a penalty under IRS section 6723 per failure to do so. A Request for Taxpayer Identification Number and Certification, otherwise known as a form W-9 can be requested through the mail and a return envelope may be provided but is not required. The IRS also suggests doing an Annual Solicitation by Telephone if it is designed and carried out in a favorable manner by calling each payee with a missing or incorrect TIN combination and speaking with an adult member of the household. Lastly, an Electronic Solicitation may be used as long as the information received is the information sent and documentation of that user’s access is the result of the submission (Internal Revenue Service (2016). Publication 1586: U.S. Reasonable Cause Regulations and Requirements for Missing and Incorrect Name/TINS. Retrieved from https://www.irs.gov/pub/irs-pdf/p1586... ).