Study and reports on simplification

(a) GAO study and report (1) In general The Comptroller General of the United States shall conduct a study on the burdens of compliance with Federal tax laws applicable to individuals who are United States persons (as defined in section 7701(a)(30) of the Internal Revenue Code of 1986) living abroad. (2) Factors considered The study conducted under subsection (a) shall identify problems relating to compliance of Federal tax laws for such United States persons, including burdens specific to low-income and moderate-income individuals, related to— (A) understanding and complying with United States tax obligations, including obligations with respect to— (i) the duty to file returns and pay taxes while living abroad, including in the absence of tax treaties that otherwise eliminate double taxation of income; (ii) the filing (including through electronic means) of Federal tax returns and any reports required under section 5314 of title 31, United States Code, in a timely, accurate, and affordable manner, (iii) foreign retirement plans treated as passive foreign investment companies; and (iv) foreign currency gains; (B) receiving and responding to inquiries from the Internal Revenue Service and the Financial Crimes Enforcement Network about returns and reports described in subparagraph (A)(ii), and access to services of such agencies with respect to such returns and reports; (C) access to financial products and services abroad, including local retirement vehicles and bank accounts; (D) access to affordable tax preparation services for United States income tax obligations; and (E) compliance burdens that are disproportionate to the amount of tax owed. (3) Report Not later than 1 year after the date of the enactment of this Act, the Comptroller General shall submit to the Secretary of Treasury and to Congress, and make publicly available, a report on the study conducted under paragraph (1). (b) Treasury report Not later than 1 year after the date on which the Comptroller General submits the report under subsection (a)(3), the Secretary of the Treasury shall submit to Congress a report that describes— (1) actions taken by the Department of Treasury to address any problems identified by the Comptroller General in such report; and (2) any legislation necessary to address such problems.