TIN Matching

TIN Matching

Greatland's automated TIN matching service, available in Yearli Desktop, integrates with IRS records, allowing “authorized payers” the opportunity to match 1099 recipient information against IRS records prior to filing information returns.



THE PENALTY FOR MISSING TINS AND INCORRECT NAME/TIN COMBINATIONS



Internal Revenue Code (IRC) section 6721 imposes a $50 penalty for information returns (for information returns due on or after January 1, 2011 the penalty increases to $100) for each of the following infractions related to information returns:


  • Filed with a missing/incorrect taxpayer identiication number (TIN),
  • Filed untimely,
  • Filed on incorrect media,
  • Filed in an incorrect format, or
  • Any combination of the above

The penalty may be reduced to:


  • $15 ($30 for information returns due on or after January 1, 2011) per return if the error or omission is corrected within 30 days of the required filing date, or
  • $30 ($60 for information returns due on or after January 1, 2011,) if corrected after the 30-day period, but by August 1 of the year the return is required to be filed.

The maximum penalty that may be imposed for one person for all such failure in a calendar year is limited to $250,000 ($1,500,000 for information returns due on or after January 1, 2011). Read complete IRS TIN Regulations and Requirements.