Summit aims to reform current federal tax code

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The April 11-13 forum seeks to replace today's method of taxation with a simpler version|ret||ret||tab|

Ways and Means Committee Chairman Bill Archer announced April 1 that the committee will host the first Congressional Summit on Fundamental Tax Reform April 11-13. Archer, a Republican from Texas, announced the summit during the National Republican Radio Address. |ret||ret||tab|

"For three days beginning April 11, we'll look at new ideas to eliminate the current tax code and replace it with something that is more simple and fair. We'll look at the national sales tax, the flat tax and other ideas, because we need to rip the current tax code out by its roots," Archer said in a press release.|ret||ret||tab|

Archer also proposed a new Taxpayer Bill of Rights, focusing on taxpayer privacy, IRS penalties and interest, and tax simplification. |ret||ret||tab|

Archer said in his April 1 announcement that the Ways and Means Committee would consider the bill April 5. A preliminary cost estimate on the legislation is not available. |ret||ret||tab|

The proposed Taxpayer Bill of Rights would|bold_on|:|ret||ret||tab|

Provide new protections against "browsing" of taxpayer information by IRS employees and require immediate notification to taxpayers if tax information is obtained illegally by third parties.|bold_on||bold_on||ret||ret||tab|

Improve notification to taxpayers of undelivered refund checks.|ret||ret||tab|

Toughen consent requirements for access to tax return information by banks and lenders|ret||ret||tab|

Make it easier for "innocent spouses" to get tax information about joint returns.|ret||ret||tab|

Sunshine the internal IRS "working law" (IRS legal interpretations of revenue provisions) to provide national consistency in decisions.|ret||ret||tab|

Provide abatement of interest on past due taxes when the IRS made a mistake or caused an unreasonable delay|ret||ret||tab|

Make IRS interest payments tax free for individuals.|ret||ret||tab|

Repeal the penalty for failure to pay and encourage taxpayers to enter into installment agreements.|ret||ret||tab|

Permit taxpayers to protect themselves from cascading interest with new dispute reserve accounts.|ret||ret||tab|

Simplify the estimated tax calculation.|ret||ret||tab|

Convert the penalty for failure to pay estimated tax into an interest charge and increase and modify the threshold.|ret||ret||tab|

Expedite IRS decisions on tax-exempt organizations' applications.|ret||ret||tab|

Strengthen the requirement that the treasury inspector general for tax administration include information on IRS employee misconduct in the semi-annual report.|ret||ret||tab|

Require an annual report on IRS payment of attorneys' fees.|ret||ret||tab|

Require a proposal for better means of communicating with taxpayers with consideration to technological advances, i.e. e-mail and faxing.[[In-content Ad]]