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Taxpayer Protection and IRS Accountability Act of 2002, H.R. 3991 , Record No.: RS21189, Date: May 01, 2002 1 (May 1, 2002)

handle is hein.tera/crstax0573 and id is 1 raw text is: Order Code RS21189 Updated May 1, 2002 CRS Report for Congress Received through the CRS Web Taxpayer Protection and IRS Accountability Act of 2002, H.R. 3991 Marie B. Morris Legislative Attorney American Law Division Summary On March 20, 2002, the Committee on Ways and Means favorably reported H.R. 3991, the Taxpayer Protection and IRS Accountability Act of 2002, as amended. The House voted it down 205-219 on April 10. The bill contains two major parts: six titles follow up the IRS restructuring reforms and taxpayer rights legislation enacted in 1998, P.L. 105-206, and the seventh title contains amendments to the reporting requirements for political committees described in section 527 of the Internal Revenue Code enacted in 2000 by P.L. 106-230. On April 18, the House passed H.R 586. The first six titles of H.R. 3991 were included as part of H.R. 586, the Tax Relief Guarantee Act of 2002. This report briefly summarizes the contents of the bill of H.R. 3991. H.R. 3991, the Taxpayer Protection and IRS Accountability Act of 2002, contains two major parts: the first six titles consist of a follow-up to the IRS restructuring reforms and taxpayer rights legislation enacted in 1998, P.L. 105-206, and the other contains amendments to the reporting requirements for political committees described in section 527 of the Internal Revenue Code enacted in 2000 by P.L. 106-230. Some of the provisions in each of the seven titles are selectively mentioned below. The first six titles of the bill were passed by the House on April 18, 2002, as part of H.R. 586, the Tax Relief Guarantee Act of 2002. Title I deals with penalties and interest. Among the provisions is a proposal to convert the penalty for failure to pay estimated tax to an interest charge on the unpaid balance and simplify the calculation of the amount owed. The safe harbor for failure to pay small amounts of tax would be increased. Another provision would allow taxpayers who receive interest from the IRS because the taxpayers overpaid their taxes and the IRS was slow to refund the overpayment to exclude the interest from their incomes in certain cases. A third proposal is to abate interest on taxes owed due to the receipt of an erroneous refund check unless the taxpayer caused the erroneous refund. There are provisions to clarify the use of deposits made to suspend the running of interest on potential underpayments and to liberalize the use of interest netting by individuals. The IRS would be permitted to waive certain first-time failure to pay or failure to file penalties Congressional Research Service + The Library of Congress

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