IRS must give taxpayers 45 days' notice before seeking their financial records
H.R. 6495 — Taxpayer Notification and Privacy Act · Filed by W. Steube (R-FL) · 1 cosponsor · Introduced Dec 5, 2025 · Passed chamber
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What it does
This bill amends the tax code to require the IRS to notify taxpayers in advance when it plans to seek information about them from third parties (banks, employers, etc.), and to give taxpayers at least 45 days to provide that information themselves before the IRS contacts those third parties. The IRS must specify exactly what information it is seeking and can only bypass this requirement if it determines the information is necessary and cannot reasonably come from the taxpayer.
Why we flagged it
The bill's operative mechanism is a procedural safeguard: it mandates advance notice, specificity, and a response window before the IRS contacts third parties. This is a transparency and due-process measure, not a tax cut or exemption.
What the text implies
- The 45-day notice period may slow IRS investigations into complex fraud or evasion schemes, potentially delaying detection of coordinated tax avoidance.
- The 'reasonably be provided by the taxpayer' standard is subjective and may become a litigation flashpoint — taxpayers could argue the IRS should have asked them first for nearly any category of information.
The full analysis lists 3 implications of this text.
Who it affects
Ordinary taxpayers gain procedural rights: advance notice of third-party inquiries, specificity about what the IRS seeks, and a 45-day window to respond before the IRS contacts banks, employers, or other entities. This reduces surprise audits, protects privacy, and gives taxpayers a fair chance to explain or provide information directly rather than having the IRS gather it covertly.