A bill to provide a one-time amnesty from criminal and civil tax penalties and 50 percent of the interest penalty owed for certain taxpayers who pay previous underpayments of Federal tax during the amnesty period, to amend the Internal Revenue Code of 1986 to increase by 50 percent all criminal and civil tax penalties, and for other purposes.
Federal Tax Delinquency Amnesty Act of 1991 - Waives all criminal and civil tax penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of underpayment when filing the statement; and (3) within 30 days of notification, pays 50 percent of the interest payable on the underpayment (and the amount of any tax delinquent amount). Permits installment payments in certain cases.
Applies this waiver during a six-month amnesty period beginning July 1, 1991, or the first July 1 after this Act's enactment. Applies amnesty to all payments relating to taxable events or tax years ending before January 1, 1990.
Disallows amnesty if: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; (3) a criminal investigation is pending; or (4) the income involved is illegal source income.
Authorizes appropriations to administer the amnesty program and to employ 3,000 additional Internal Revenue Service agents.
Amends the Internal Revenue Code to increase criminal and civil tax penalties by 50 percent.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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