Government reform legislation passed the House on July 6, 2016, that, if made into law, would subject the IRS to some of the same record-keeping requirements that must be followed by taxpayers.
Part of the Government Reform and Improvement Act would require the IRS to maintain any preserved records for at least three years. According to Representative Mark Walker, R-N.C., “the IRS expects citizens to maintain tax records ‘just in case’ they ever need it, yet the department isn’t required to uphold the same standard. The Ditto Act makes the IRS operate under the same set of rules that it requires of taxpayers.”
House Oversight and Government Reform Committee Chair Jason Chaffetz, R-Utah, stated, “Imagine that. The IRS has to live under the same standard that they make the American people live under. Specifically, the IRS requires taxpayers to keep their tax year information for three years after filing. This bill does the same.”
From our standpoint, the IRS is pretty good at keeping records, so we think that this law, if passed, would not really change much in the way of IRS record-keeping, if at all. What do you think?
If you owe more than $10,000 in back taxes to the IRS, call Chicago Tax Lawyer Patrick T. Sheehan at 1-877-4-IRS-LAW. We can help!