Search Results: keywords:"taxpayer compliance"

  • H. R. 7707 — To amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
    💰
    Status:Introduced in House
    Words:3,696

    The bill, H.R. 7707, seeks to amend the Internal Revenue Code of 1986 to introduce a refundable tax credit for first-time homebuyers. It allows eligible individuals to receive a credit worth 10% of the purchase price of their home, up to a maximum of $15,000. Certain...

    Simple Explanation

    The bill wants to give people buying their first house a bit of money back, up to $15,000, to help them pay for it, but they have to follow some rules like not owning a home recently and earning below a certain amount of money. If someone sells the house too soon or doesn't live in it, they might have to give the money back, and there are special rules for how this money can be shared or transferred to help with loans.

  • S. 4549 — To amend the Internal Revenue Code of 1986 to require additional information on math and clerical error notices.
    💰
    Status:Introduced in Senate
    Words:1,161

    The IRS MATH Act of 2024 aims to improve the clarity of notices sent to taxpayers regarding math or clerical errors on their tax returns. The bill proposes changes to the Internal Revenue Code requiring that error notices include specific details about the error, a clear...

    Simple Explanation

    The IRS MATH Act of 2024 wants to make letters from the IRS easier to understand by giving more details when someone’s taxes have a mistake, and they will try out sending these letters in a special way to see if more people will respond.

  • H. R. 9431 — To amend the Internal Revenue Code of 1986 to exclude from gross income the discharge of indebtedness of certain individuals who are unlawfully or wrongfully detained abroad.
    💰
    Status:Introduced in House
    Words:739

    H. R. 9431 aims to amend the Internal Revenue Code of 1986 to allow individuals who are unlawfully or wrongfully detained abroad to exclude certain forgiven debts from their taxable income. The bill identifies a "wrongfully detained abroad individual" as a U.S. national...

    Simple Explanation

    H. R. 9431 wants to help people who are unfairly stuck in another country by letting them ignore some of their forgiven debts when paying taxes, but the rules might be confusing and may not help enough with big money problems.