The proposed regulations would require taxpayers to be notified in advance of the IRS contacting third parties for information. The regulations would also provide taxpayers with the opportunity to request a conference with the IRS before the third-party contact takes place. These changes aim to provide taxpayers with more transparency and protection in the IRS's use of third-party contacts.
The U.S. Treasury Department and IRS today released proposed regulations (REG- 117542-22) relating to the notice that the IRS must provide to a taxpayer in advance of IRS contact with a third party with respect to the determination or collection of the taxpayer’s tax liability, to reflect amendments made by the Taxpayer First Act of 2019.
The proposed regulations are proposed to apply to any contacts made on or after the date 30 days after the date of publication of final regulations in the Federal Register.
Comments on the proposed regulations are due by May 21, 2024.
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