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The final regulations reflect amendments made by the Taxpayer Bill of Rights 2 (TBOR2) and the Internal Revenue Service Restructuring and Reform Act of 1998 (IRSRRA '98).
The Internal Revenue Service released final rules implementing a number of miscellaneous provisions of the Taxpayer Bill of Rights 2 and an amendment in the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 that affect filing of returns, court costs, payments, deposits and collections.
The Taxpayer Bill of Rights 2 also increases the amount used by courts in awarding taxpayers attorneys' fees from the current $75 an hour to $110 an hour, and indexes the amount for inflation beginning in 1997.
The Taxpayer Bill of Rights 2 required the Department of the Treasury to submit a report to the congressional tax-writing committees on: (1) the legal and policy issues relating to the netting of interest of federal overpayments and underpayments; and (2) the administrative practices of the Internal Revenue Service in that regard.
Under the Taxpayer Bill of Rights 2, interest on tax deficiencies or late payments can be abated due to unreasonable IRS errors or delays attributable to managerial or ministerial acts.
Such heavy-handed actions even if defensible under a literal reading of the Code, prompted Congress in the recently enacted Taxpayer Bill of Rights 2 (T2) legislation to mandate a joint IRS-Treasury Department study on interest netting.
With the enactment of the Taxpayer Bill of Rights 2, tax-exempt organizations face significant new reporting requirements and penalty taxes.
Prior to the IRSRRA, one of the most publicized provisions relating to taxpayer rights was that of the Taxpayer Advocate (Advocate), created in 1996 by the Taxpayer Bill of Rights 2.