Notice and Information Reporting

Required Notice to Taxpayers of Certain Payments

Requires the IRS to make reasonable efforts to contact taxpayers if it is unable to associate a payment received from the taxpayer with a balance owed by the taxpayer.

Notification must be provided within 60 days after receipt of the payment.

Effective on the date of enactment.

Annual Reminders for Delinquent Accounts

Requires the issuance of an annual reminder notice of liability to delinquent taxpayers.

Failure to receive a timely, annual reminder notice does not affect the tax liability.

Applies to calendar years after 1996.

Disclosure of Returns on Cash Transactions

Permanently extends IRS's authority to disclose information contained on Form 8300 (reporting cash transactions of over $10,000) to Federal, State, local and foreign government agencies.

Disclosure to these agencies is permitted only for civil, criminal, and regulatory purposes, not for tax administration.

Having access to the information, these agencies are then governed by Federal disclosure laws.

Effective on the date of enactment.