Page:United States Statutes at Large Volume 112 Part 1.djvu/790

 112 STAT. 764 PUBLIC LAW 105-206—JULY 22, 1998 PART IV—PROVISIONS RELATING TO EXAMINATION AND COLLECTION ACTIVITIES 26 USC 6501 note. Applicability. Expiration date. Guidelines. SEC. 3461. PROCEDURES RELATING TO EXTENSIONS OF STATUTE OF LIMITATIONS BY AGREEMENT. (a) AUTHORITY TO EXTEND 10-YEAR COLLECTION PERIOD AFTER ASSESSMENT.— Section 6502(a) (relating to length of period after collection) is amended— (1) by striking paragraph (2) and inserting: " (2) if— "(A) there is an installment agreement between the taxpayer and the Secretary, prior to the date which is 90 days after the expiration of any period for collection agreed upon in writing by the Secretary and the taxpayer at the time the installment agreement was entered into; or "(B) there is a release of levy under section 6343 after such 10-year period, prior to the expiration of any period for collection agreed upon in writing by the Secretary and the taxpayer before such release."; and (2) by striking the first sentence in the matter following paragraph (2). (b) NOTICE TO TAXPAYER OF RIGHT TO REFUSE OR LIMIT EXTENSION. —Paragraph (4) of section 6501(c) (relating to the period for limitations on assessment and collection) is amended— (1) by striking "Where" and inserting the following: "(A) IN GENERAL. —Where"; and (2) by adding at the end the following new subparagraph: "(B) NOTICE TO TAXPAYER OF RIGHT TO REFUSE OR LIMIT EXTENSION.— The Secretary shall notify the taxpayer of the taxpayer's right to refuse to extend the period of limitations, or to limit such extension to particular issues or to a particular period of time, on each occasion when the taxpayer is requested to provide such consent.". (c) EFFECTIVE DATE. — (1) IN GENERAL.— The amendments made by this section shall apply to requests to extend the period of limitations made after December 31, 1999. (2) PRIOR REQUEST. —If, in any request to extend the period of limitations made on or before December 31, 1999, a taxpayer agreed to extend such period beyond the 10-year period referred to in section 6502(a) of the Internal Revenue Code of 1986, such extension shall expire on the latest of— (A) the last day of such 10-year period; (B) December 31, 2002; or (C) in the case of an extension in connection with an installment agreement, the 90th day after the end of the period of such extension. SEC. 3462. OFFERS-IN-COMPROMISE. (a) STANDARDS FOR EVALUATION OF OFFERS-IN-COMPROMISE.— Section 7122 (relating to offers-in-compromise) is amended by adding at the end the following new subsection: "(c) STANDARDS FOR EVALUATION OF OFFERS.— "(1) IN GENERAL. —The Secretary shall prescribe guidelines for officers and employees of the Internal Revenue Service

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