On March 17, 2015, the Internal Revenue Service (IRS) released a fact sheet on the rights of taxpayers, specifically about confidentiality of information. In this fact sheet, the IRS restructured and grouped taxpayers’ rights in existing tax code into 10 broad categories to make it easier for taxpayers to find and understand. Generally, the IRS may not disclose tax information without permission, cannot contact third parties for information without reasonable notice. Tax return preparers may be subject to criminal liability if they knowingly or recklessly disclose tax information. This fact sheet is the eighth release on Taxpayer Bill of Rights.
See IRS, “Taxpayer Bill of Rights: #8, The Right to Confidentiality”, FS-2015-15 (March, 2015).
Posted by Jiaqi Wang, Associate Editor, Wealth Strategies Journal.