Taxpayer Privacy Boost: IRS Must Detail Third-Party Data Requests.
This law strengthens taxpayer rights by increasing transparency in the IRS information-gathering process. If the IRS plans to seek data about a taxpayer from third parties (like banks), it must now precisely identify the specific items of information and the source being targeted. Crucially, taxpayers are given at least 45 days to provide the requested information themselves before the IRS contacts external parties, enhancing privacy and control over their data.
Key points
The IRS must clearly identify the specific information and source it intends to seek from third parties regarding a taxpayer.
Taxpayers receive a minimum of 45 days to provide the requested information directly to the IRS before the agency contacts external entities.
The notification period for the IRS's intent to contact third parties is extended from 45 to 60 days, allowing more time to prepare a response.
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