Tax Reform: More E-Filing, Corporate Deadline Changes, Greater Identity Theft Protections (S. 2261)

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.