“A bill to amend the Internal Revenue Code of 1986 to provide for specific taxpayer notice when information is sought from third parties.”
No CRS summary available for this bill.
This section revises IRS third-party contact notice requirements under IRC §7602(c)—which requires notice to taxpayers before the IRS contacts third parties (e.g., banks or employers) for information during examinations—to (1) require notices to identify each specific item of information sought from such persons if the taxpayer could reasonably provide it, (2) increase the minimum taxpayer response period to 45 days (from 23 days) or longer if the taxpayer shows reasonable cause, and (3) except the specificity requirement if the Secretary determines the information is necessary notwithstanding the taxpayer's ability to provide it. The changes apply to notices provided 12 months after enactment.