Vote Smart's Synopsis:

Vote to pass a bill that requires the IRS conduct an examination to determine the correctness of a Presidential income tax return as rapidly as practicable after it is filed.

Highlights:

• Requires the Internal Revenue Service (IRS) conduct an examination to determine the correctness of a Presidential income tax return as rapidly as practicable after it is filed (Sec. 2).

• Requires the IRS to disclose and make publicly available online an initial report, periodic reports, and a final report on the examination of said tax returns (Sec. 2).

• Requires the aforementioned report include the following (Sec. 2): 

• The date on which the IRS examination of the return was completed;

• A list of audit materials; and

• A description of each proposed adjustment to return and any controversy relating to its examination;

• Exempts this disclosure of tax return information to the general rule of confidentiality of taxpayer returns (Sec. 2).

• Defines “presidential income tax returns” as any relevant income tax return of (Sec. 2):

• A president while the president is in office;

• The spouse of a president;

• A corporation or partnership controlled by a president or a president’s spouse; and

• The estate of a president or a president’s spouse.

Full Bill Text

Full Bill Text