Taxpayer Protection and IRS Accountability Act of 2002

[AI summary unavailable — showing source text] Taxpayer Protection and IRS Accountability Act of 2002 - Amends the Internal Revenue Code (IRC) provisions concerning penalties and interest to provide for, among other things: (1) a two percent Federal tax deposit penalty cap (currently, it can rise to ten percent), except for maintaining the special 15 percent penalty; (2) the exclusion from gross income for interest on overpayments of income tax by individuals; (3) the abatement of interest on all erroneous refunds (currently, abated only in specified instances); and (4) revise and increase the penalty for filing a frivolous tax return. Revises collection procedures provisions to, among other things: (1) require the review of installment agreements for partial collection at least once every two years; (2) extend from nine months to two years the time allowed to return property wrongfully levied; and (3) provide for a study of liens and levies. Revises tax administration provisions to, among other things: (1) provide for the termination of the employment of an IRS employee upon a final administrative or judicial determination of misconduct; and (2) limit the right to appeal a levy determination to the Tax Court (currently, a U.S.…