SB5143 amends the Internal Revenue Code to change how penalties and disallowance periods are applied.

SB5143 amends the Internal Revenue Code to modify procedural requirements for penalties and disallowance periods. It mandates that any penalty or disallowance period must be personally approved by the immediate supervisor of the individual making the decision or by the Internal Revenue Service Office of Servicewide Penalties. The approval must be obtained before sending any appealable notice to the taxpayer. The bill also requires the Secretary of the Treasury to report annually on all penalties assessed by the Internal Revenue Service, including relevant data.

SB5143 amends the Internal Revenue Code to change how penalties and disallowance periods are applied.

SB5143 amends the Internal Revenue Code to modify procedural requirements for penalties and disallowance periods. It mandates that any penalty or disallowance period must be personally approved by the immediate supervisor of the individual making the decision or by the Internal Revenue Service Office of Servicewide Penalties. The approval must be obtained before sending any appealable notice to the taxpayer. The bill also requires the Secretary of the Treasury to report annually on all penalties assessed by the Internal Revenue Service, including relevant data.