The Senate Finance Committee's Subcommittee on Oversight of the Internal Revenue Service has scheduled a hearing on June 2, 1981, on S. 850, the Taxpayers' Bill of Rights Act (introduced by Senator Baucus).

The bill deals with the following areas of tax administration procedures and tax payment requirements:

(1) establishment of an independent taxpayer's Ombudsman in the IRS;

(2) provide administrative appeal of tax liens;

(3) revision of rules relating to levies and seizures of property for collection of taxes;

(4) setting time requirements for issuance of Treasury Regulations;

(5) modifying estimated income tax payment requirements for individuals; and

(6) changing the rule for time of furnishing Forms W-2 to terminated employees

This pamphlet, prepared in connection with the hearing, contains four parts. The first part is a summary of present law and the bill. The second part is a discussion of present law and procedures relating to the items considered in the bill. The third part provides a listing and brief discussion of issues raised by the bill. Part four provides a more detailed description of the provisions of S. 850, including effective dates and the revenue costs of the estimated tax payment provision.