S. 5441

TAS Act

Sponsor: Mike Crapo · 0 cosponsors

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I Tax Administration and Customer Service

Sec. 113. Return of amounts collected by IRS in excess of accepted offer-in-compromise amount

(a) In general. Section 7122 is amended by adding at the end the following:

Text this section adds to the law

(h) Return amounts collected in excess of payment amount of accepted offer-in-compromise

(1) In general. Subject to paragraph (2), in the case of any taxpayer for which an offer-in-compromise has been accepted under this section, any proceeds collected with respect to the Federal income tax liability that is the subject of the accepted offer-in-compromise which are in excess of any remaining payments scheduled under such compromise shall be transferred to the taxpayer.

(2) Exception. Paragraph (1) shall not apply if—

(A) the taxpayer and the Secretary have specifically agreed otherwise, or

(B) the Secretary has—

(i) determined that, under the terms of the compromise, such compromise is in default, and

(ii) elected to terminate such compromise.

(b) Authority to release levy and return property. Section 6343 is amended—

(1) in subsection (a)(1)—

(A) in subparagraph (D), by striking or at the end,

(B) in subparagraph (E), by striking the period at the end and inserting , or, and

(C) by adding at the end the following subparagraph:

Text this section adds to the law

(F) subject to subsection (h)(2) of section 7122, an offer-in-compromise is accepted under such section with respect to the liability for which the levy was imposed.

, and

(2) in subsection (d)(2)—

(A) in subparagraph (C), by striking or at the end,

(B) in subparagraph (D), by striking the comma at the end and inserting , or, and

(C) by adding at the end the following subparagraph:

Text this section adds to the law

(E) subject to subsection (h)(2) of section 7122, an offer-in-compromise is accepted under such section with respect to the liability for which the levy was imposed,

(c) Effective date. The amendments made by this section shall apply to any compromise made under section 7122 of the Internal Revenue Code of 1986 which is accepted by the Secretary after the date of enactment of this Act.

II American Citizens Abroad

III Judicial Review

IV Office of the Taxpayer Advocate

V Tax Return Preparers

VI Appeals

VII Whistleblowers

VIII Hostages

IX Small Businesses

X Miscellaneous