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H. Rept. 119-318 1 (2025-09-30)

handle is hein.congrecreports/crptxahsd0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 119TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 119-318 FAIR AND ACCOUNTABLE IRS REVIEWS ACT SEPTEMBER 30, 2025.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SMITH of Missouri, from the Committee on Ways and Means, submitted the following REPORT [To accompany H.R. 5346] The Committee on Ways and Means, to whom was referred the bill (H.R. 5346) to amend the Internal Revenue Code of 1986 to re- form certain penalty and interest provisions, having considered the same, reports favorably thereon with an amendment and rec- ommends that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ............................................................... 2 A. Purpose and Sum m ary ..................................................................... 2 B. Background and Need for Legislation .................... 2 C. Legislative H istory ........................................................................... . 3 D . Designated H earing .......................................................................... 3 II. EXPLANATION OF THE BILL .................................................................. 3 A. Reform Penalty Assessment Procedural Requirements ................. 3 B. Reasons for Change .......................................................................... 5 C. Explanation of Provision .................................................................. 6 D . E ffective D ate .................................................................................... 6 III. VOTES OF THE COM M ITTEE ................................................................... 6 IV. BUDGET EFFECTS OF THE BILL ............................................................ 7 A. Committee Estimate of Budgetary Effects .................. 7 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority .................................................................. 7 C. Cost Estimate Prepared by the Congressional Budget Office ....... 7 V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF TH E H O U SE ............................................................................................. 7 A. Committee Oversight Findings and Recommendations ................. 7 B. Statement of General Performance Goals and Objectives ............. 7 C. Applicability of House Rule XXI, Clause 5(b) ................ 8 D. Information Relating to Unfunded Mandates ................ 8 E. Congressional Earmarks, Limited Tax Benefits, and Limited Tariff B enefits ................................................................................. 8 F. Duplication of Federal Program s ..................................................... 8 59-006