Simplify Tax Rules, Protect Taxpayer Privacy
This act aims to simplify certain tax regulations, increase the income threshold for exempt organizations' reporting, and protect taxpayer privacy by increasing penalties for unauthorized disclosure of information. It also modifies the use of state and territory recovery funds.
Key points
Increases the income threshold below which tax-exempt organizations are not required to file detailed reports with the IRS (from $5,000 to $50,000).
Prohibits the use of Coronavirus State Fiscal Recovery funds by states and territories for deposit into any pension fund.
Significantly increases penalties for unauthorized disclosure of taxpayer information by IRS employees and tax return preparers (up to $250,000).
Restricts the use of IRS funds for certain activities, including auditing individual taxpayers with adjusted gross income below $400,000.
Establishes a program to recruit private sector tax experts to join the IRS to handle complex cases and train employees.
Expired
Additional Information
Print number: 117_HR_7485
Sponsor: Rep. Rice, Tom [R-SC-7]
Process start date: 2022-04-07