Phone Numbers on Information Returns

Requires that information returns contain the payor's telephone number in addition to the payor's name and address.

Payors may provide the phone number of a department with the relevant information.

The phone number requirement applies to payee statements reporting the following:

• payments of $600 or more in the course of a trade or business;
• payments for services of $600; 
• direct sales of $5,000 or more; 
• payments of dividend, interest, unemployment compensation, mortgage interest,royalties, or patronage dividends;
• broker information; 
• cash receipts of more than $10,000; 
• foreclosures or abandonments of security; and 
• exchanges of partnership interests.

Effective for statements required to be furnished after 12-31-96, without regard to extensions.