Bills
| 3.23.22
Tax Reform: More E-Filing, Corporate Deadline Changes, Greater Identity Theft Protections (S. 2261)
Do you support or oppose this bill?
What is S. 2261?
(Updated January 31, 2017)
This bill deals with tax filing reforms, provisions meant to deal with the tax gap, and steps to combat tax-related identity theft. According to PricewaterhouseCoopers,
Under the first set of reforms, tax filing reforms, the [bill] includes several provisions that modernize tax administration through expanded use of technology, such as electronic filing. These proposals also include provisions designed to facilitate taxpayers gathering information required for tax return preparation by changing certain return filing deadlines.
The second set of reforms focuses on efforts to address the tax gap by expanding certain information reporting obligations and expanding IRS collection tools. These provisions generally impact reporting requirements related to bank accounts, mortgage interest and tuition payments but also include reporting related to insurance contracts.
The final broad theme, combating tax-related identity theft, includes provisions designed to reduce access to taxpayer identification information, provide identity theft victims a single IRS point of contact, and establish criminal penalties for the misappropriation of another’s tax identity.
Argument in favor
Greater ease in e-filing and great identity theft protections.
Argument opposed
More reporting requirements for both financial entities and individuals.
Impact
A lot here, but one change would be that if you're an individual filing and paying someone to do it, that person must e-file. For colleges and universities, a change requiring that they include both the amount billed and received, as opposed to only the former. Deadline changes for S-corporations could impact both investors and tax preparers.
Cost of S. 2261
The CBO reports that this measure would have no significant impact on the federal budget.
Additional Info
In Detail:
(Photo Credit: Alan Cleaver)
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