July 23,1999

Finance Committee to Review Penalty and Interest Study

WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) today announced that the Senate Finance Committee has received and will review the penalty and interest study submitted July 22, 1999 by the staff of the Joint Committee on Taxation.
The Internal Revenue Service Restructuring and Reform Act of 1998 ("the IRS Reform Act") required the Department of Treasury and the Joint Committee on Taxation to each conduct a separate study reviewing the administration and implementation by the Internal Revenue Service ("IRS") of the interest and penalty provisions of the Internal Revenue Code of 1986. The law also requires the study to include any legislative and administrative recommendations deemed appropriate to simplify penalty or interest administration and reduce taxpayer burden. These studies must be submitted to the House Ways and Means Committee and the Senate Finance Committee by July 22, 1999.
"I am pleased the Joint Committee on Taxation has completed its comprehensive study on penalties and interest in the Internal Revenue Code, by the July 22, 1999 deadline, as required by law. I look forward to carefully reviewing the study and the Joint Tax staff's recommendations," Roth stated. "I also look forward to receiving the separate penalty and interest study by the Treasury Department on this important issue.
"Any substantial reform of the penalty and interest provisions in the tax law must be carefully considered. As such, I welcome public comments on the recommendations made by the staff of the Joint Committee on Taxation and on the recommendations of the Treasury Department upon release of Treasury's penalty and interest study."

WASHINGTON -- Senate Finance Committee Chairman William V. Roth, Jr. (R-DE) today announced that the Senate Finance Committee has received and will review the penalty and interest study submitted July 22, 1999 by the staff of the Joint Committee on Taxation.

The Internal Revenue Service Restructuring and Reform Act of 1998 ("the IRS Reform Act") required the Department of Treasury and the Joint Committee on Taxation to each conduct a separate study reviewing the administration and implementation by the Internal Revenue Service ("IRS") of the interest and penalty provisions of the Internal Revenue Code of 1986. The law also requires the study to include any legislative and administrative recommendations deemed appropriate to simplify penalty or interest administration and reduce taxpayer burden. These studies must be submitted to the House Ways and Means Committee and the Senate Finance Committee by July 22, 1999.

"I am pleased the Joint Committee on Taxation has completed its comprehensive study on penalties and interest in the Internal Revenue Code, by the July 22, 1999 deadline, as required by law. I look forward to carefully reviewing the study and the Joint Tax staff's recommendations," Roth stated. "I also look forward to receiving the separate penalty and interest study by the Treasury Department on this important issue.

"Any substantial reform of the penalty and interest provisions in the tax law must be carefully considered. As such, I welcome public comments on the recommendations made by the staff of the Joint Committee on Taxation and on the recommendations of the Treasury Department upon release of Treasury's penalty and interest study."