PURPOSE OF BULLETIN
To inform staff that some Return Information Notices (RINs) were not produced for Fiduciary (541) returns and some of these taxpayers may have been assessed incorrect late payment penalties and interest.
TI staff discovered approximately 1,350 fiduciary taxpayers received STD’s without receiving a RIN first. As a result, in some cases, the taxpayer may have been assessed additional penalties and interest. A system fix was implemented on June 30th and RINs are now being issued correctly for these fiduciary returns.
Information Validation Section staff are working with Taxpayer Information staff to identify the specific accounts which may have been impacted. A listing of potentially impacted accounts will be reviewed and analyzed during the week of July 6th. Adjustments to penalties and interest, if appropriate, as well as comments, will be made to the accounts. Anticipated completion date is July 10, 2009.