IRS Restructuring and Reform Act of 1998

Section 3308

A. Provision covered: Section 3308 (Notice & Computation of Interest) (Adds § 6631 of the Code).

B. Background: Currently, the Code does not require that notices to taxpayers include a detailed computation of interest charged and a citation to the Code section under which such interest is imposed.

C. Changes: The provision requires that all taxpayer notices containing an amount of interest required to be paid by the taxpayer must include a detailed computation of interest charged and a citation to the Code section under which such interest is imposed.

D. Impact: The IRS must take necessary actions to ensure that notices are revised to contain the required information regarding the interest to be paid by the taxpayer.

E. Necessary Actions: Revise notices to contain the required information regarding the interest to be paid by the taxpayer.

F. Other Special Comments: None.