December 2014

The Taxpayer Advocate Service, an independent organization within the Internal Revenue Service (IRS), has argued strongly for the creation of a list of taxpayer rights as a way to promote confidence in the fairness and integrity of the tax system (Source: National Taxpayer Advocate, Fiscal Year 2015 Objectives Report to Congress). In response, the IRS announced the adoption of a formal “Taxpayer Bill of Rights.” It’s worth noting that the rights listed are not new; the Taxpayer Bill of Rights simply groups and summarizes rights that exist in the Internal Revenue Code, making them easier to find and understand. Here are the 10 items that make up the list, along with short explanations.

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Market Week: December 29, 2014

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