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Taxpayer Protection and IRS Accountability Act of 2003, H.R. 1528 , Record No.: RS21189, Date: June 06, 2003 1 (June 6, 2003)

handle is hein.tera/crstax0574 and id is 1 raw text is: Order Code RS21189 Updated June 6, 2003 CRS Report for Congress Received through the CRS Web Taxpayer Protection and IRS Accountability Act of 2003, H.R. 1528 Marie B. Morris, Legislative Attorney Todd S. Snyder, Presidential Management Intern American Law Division Summary On April 8, 2003, the House Committee on Ways and Means favorably reported H.R. 1528, the Taxpayer Protection and IRS Accountability Act of 2003, as amended. The bill 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 seventh title contains an amendment to the Temporary Extended Unemployment Compensation Act of 20021, as amended. This report briefly summarizes the contents of the bill of H.R. 1528. H.R. 1528, the Taxpayer Protection and IRS Accountability Act of 2003, 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 pertains to the applicability of certain federal-state agreements as they relate to unemployment assistance. Some of the provisions in each of the seven titles are selectively mentioned below. The bill has been reported by the House Ways and Means Committee, though the substance of Title VII of the bill has since been enacted in slightly different form in P.L. 108-26. 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 1Title II of the Job Creation and Worker Assistance Act of 2002, P.L. 107-147. Congressional Research Service ** The Library of Congress

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