S. 1272 — Presidential Audit and Tax Transparency Act

This bill requires the Internal Revenue Service (IRS) to conduct an examination to determine the correctness of a Presidential income tax return as rapidly as practicable after it is filed. The IRS must disclose and make publicly available (on the internet) an initial report, periodic reports, and a final report on the examination of such tax returns. The final report must include the date on which the IRS examination of the return was completed, a list of audit materials, and a description of each proposed adjustment to a return and any controversy relating to its examination. This disclosure of tax return information is an exception to the general rule of confidentiality of taxpayer retur...