Tax Compliance Act of 1986

[AI summary unavailable — showing source text] Tax Compliance Act of 1986 - Provides for a one-time amnesty from criminal and civil penalties for a taxpayer who: (1) files a written statement with specified information concerning any underpayment of tax; (2) pays the amount of such underpayment when filing the statement; and (3) within 30 days of notification, pays the full amount of interest due on the tax delinquent amount. Permits installment payments in certain cases. Defines the amnesty period as the six-month period beginning on the first July 1 after the date of the enactment of this Act. Applies such amnesty to all payments relating to taxable periods ending before January 1, 1986. Disallows such amnesty where: (1) the taxpayer was contacted before a statement was filed; (2) there was fraud in seeking amnesty; or (3) a criminal investigation is pending. Authorizes repayable advances to administer such amnesty program and to inform the general public as to the availability of such program. Provides that any revenues raised by such program shall first be used to repay such advances. Requires the filing of an informational return concerning real estate transactions. Increases criminal and civil tax penalties by 50 percent.…