Basic Changes
Under the act, the Department of the Treasury has been tasked with developing a customer service plan for the IRS to follow. The agency is also required to provide more information about identity theft and other potential threats to taxpayers, particularly over its phone lines. Plus, taxpayers are now able to make direct payments to the IRS, instead of having to use a third party agency. Other changes have been enacted as well, but these are some of the simplest and most inherently noticeable for the average taxpayer.
Direct Deposit Protection
One major benefit of this act, but also one that you hopefully won’t have to experience firsthand, is increased protection for those who request but do not receive direct deposits of tax refunds. Under the Taxpayer First Act, your funds can be recovered if they were sent to the wrong person or if some other error or issue occurs that keeps you from getting your money.
Protection for Low Income Taxpayers
If you’re a low-income taxpayer or someone who
gets their income via disability insurance, you’ll also enjoy greater
protections when it comes to debt collection. Under the act, you no longer have
to worry about private debt collection agencies trying to collect money from
you for federal amounts owed.
As you can see, in most ways, this act
should benefit the vast majority of taxpayers in one or more ways. If you’re
unsure about how this act affects you, or if you have questions or concerns,
remember, however, that your true “friend” and the best resource you have is
always a qualified tax professional who is 100% on your side. After all, the
IRS is still an entity with focus on getting what it’s owed, no matter how much
nicer this new act may make it appear.