In a letter today, the American Bankers Association recommended that the IRS notify responsible parties electronically whenever a business address change occurs, saying that implementing the requirement would save both the agency and business community time and money.
The Treasury Department recently requested comment on IRS Forms 8822 and 8822–B, with the latter used to notify the agency about a business change of address. In its letter, ABA said there is no way for the IRS to determine if a Form 8822-B is authentic. The association cited multiple examples of banks affected by unauthorized updates and offered to collaborate with the IRS on implementing stronger safeguards to protect taxpayer data and improve operational efficiency.
ABA proposed that the IRS notify responsible parties via the agency’s Secure Object Repository when a business’s address is changed.
Using the SOR or a similar electronic means of communication for business address changes would “enable responsible parties to quickly and objectively determine when a business address change has been processed, as pertinent notifications from the IRS would remain in a secure and retrievable electronic location,” the association said.
