Taxpayer Compliance Improvement Act of 1982

Taxpayer Compliance Improvement Act of 1982 - Title I: Administrative Provisions - Amends the Internal Revenue Code to require the filing of informational returns for interest (including discount on original issue) on United States and corporate bearer obligations, beginning in 1983.

Directs the Secretary of the Treasury to prescribe regulations with respect to reporting requirements for commodities and securities brokers.

Requires the States to provide information to the Internal Revenue Service (IRS) concerning refunds of State income tax over $10 paid to any individual, beginning in 1983.

Requires all employers of more than five employees to report charged tips paid to employees to the IRS.

Authorizes the Secretary to require the filing of tax returns in a form capable of being processed by equipment utilized by the IRS.

Requires the semiannual compounding of interest payable under the Internal Revenue Code.

Requires the semiannual determination of the interest rate on overpayments of tax.

Places restrictions on the payment of interest on overpayments of tax if the tax return is filed late, the return is not in processable form, or if the overpayment results from a net operating loss or capital loss carryback.

Imposes a civil fraud penalty on corporate directors, officers, agents, or employees who knowingly participate in fraud which results in an underpayment of tax by the corporation. Sets such penalty at 50 percent of the underpayment, up to $100,000 per individual. Makes such individuals jointly and severably liable for such fraud penalty.

Imposes a minimum penalty of $100 for failure to file a tax return within 60 days of the prescribed filing date (with extensions). Exempts taxpayers who show reasonable cause for filing late from the penalty.

Provides that any taxpayer who fails to make estimated tax payments will not be subject to criminal penalties unless such taxpayer is also subject to a civil penalty for the same offense.

Increases the penalty for failure to file informational returns relating to information at source, payments of dividends, and certain transfers of stock to $50 per failure, up to $50,000. Imposes an unlimited $100 penalty per failure to file such returns if the failure is due to intentional disregard.

Increases the civil penalty for failure to supply a taxpayer identifying numbers to $50 for each failure, up to $50,000. Requires withholding at source in the case of individuals who fail to provide a required identification number or who provide an incorrect one.

Imposes an additional penalty for substantial understatements of tax liability by individuals and corporations. Provides for a penalty of ten percent of the underpayment if such underpayment exceeds the greater of $5,000 ($10,000 in the case of a corporation) or ten percent of the amount of tax required to be shown on the return.

Provides for the voluntary withholding of deferred income from certain pension and annuity plans.

Title II: Rules and Regulations; Paperwork Reduction - Directs the Secretary to prescribe rules and regulations relating to the internal revenue laws as soon as possible. Requires the Secretary to report to the Congress annually on any delays in issuing regulations, the reasons for such delays, and any progress made in eliminating such delays.

Exempts the IRS from provisions of the Paperwork Reduction Act of 1980 requiring approval of information collection requests and regulations by the Office of Management and Budget. Requires the Secretary to report to the Congress on the design of tax forms.