The United States Senate voted unanimously last Wednesday to pass a $4 billion tax administration measure sponsored by Senate Finance Committee Chairman Charles Grassley.
The primary aim of the legislation is to improve taxpayer rights and make changes to the penalty system. Ranking Democrat on the finance committee, Max Baucus has observed that it is the most significant change in tax administration since the IRS Restructuring and Reform Act of 1998.
The bill, the cost of which is being offset by revenues arising from tax shelter penalties, enables taxpayers to clear tax debts by making partial agreements in instalment agreements.
It also allows more time for disputes with the Revenue to be resolved, expands interest abatement and interest netting plans, and allows taxpayers to place funds in an interest-bearing account to cover potential tax debts.
Another outcome of the measures will be administrative reform of the US Tax Court and revisions to taxpayer disclosure requirements.
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