Congress Passes IRS Reform Bill
After several false starts, the House and Senate last week both voted to approve a bill aimed to reform the IRS. The Taxpayer First Act is expected to be signed by the President shortly.
Key provisions of this bill include:
· The establishment of an “Independent Office of Appeals” within the IRS to resolve tax controversies
· A requirement for the IRS to develop a comprehensive customer service strategy
· Limitations on the types of tax liabilities that can be assigned to private debt collection services
· A requirement to redesign the IRS to better combat cybersecurity threats and better serve taxpayers
· A requirement that the IRS create an online platform to allow taxpayers to prepare and file Form 1099s electronically
Earlier versions of the bill included controversial provisions that would allow the IRS to develop their own tax filing software and expand the free filing of personal tax returns. Those provisions were removed from the final bill allowing it to pass both the House and Senate quickly.
CLA is here to help you better understand tax law changes. Please contact us.
Amanda Garnett is a principal in the financial institutions practice of CliftonLarsonAllen (CLA) from Peoria, Illinois. She currently leads the firm’s Midwest financial institution tax team and serves institutions ranging in size from $15 million to $3.5 billion in total assets. In addition to tax compliance, Amanda assists clients in the areas of tax consulting, mergers and acquisitions, and regulatory reporting. She also routinely teaches courses for banking associations across the country.
Anything of a substantive nature in the legislation?