Under proposed regulations published last week, the IRS would reduce the notice of third-party contact to 10 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
The Taxpayer First Act generally requires the IRS to notify the taxpayer no later than 45 days before the beginning of the period during which the IRS intends to contact the third party, but the law allows exceptions.
The proposed regulations would allow the IRS to make third-party contacts immediately after providing the taxpayer with a third-party contact notice in fuel-compliance program investigations. Read more.