Presidential Audit and Tax Transparency Act

Increased Transparency for Presidential Tax Audits: The Secretary is required to conduct an examination of Presidential income tax returns and make several reports available to the public. This includes an initial report, periodic status updates, and a final report detailing the examination results and any proposed adjustments (Section 2(a)).

Public Access to Candidate Financial Information: Covered candidates, such as those nominated by a major party for President, must amend their reports to include copies of their income tax returns for the three most recent taxable years (Section 3(a)(1)(B)(2)(A)).

Public Access to Sitting President Financial Information: Covered individuals, including the President, are required to include a copy of all applicable income tax returns for the three most recent taxable years in their reports to the Office of Government Ethics (Section 3(a)(1)(B)(1)(A)).

Protection of Sensitive Personal Data: The bill includes provisions to ensure that specific private information is not disclosed to the public, such as social security numbers, financial account numbers, and the names of individuals under age 18 (Section 2(b)(3)).

Redaction of Tax Return Information: While intended to protect privacy, the process requires the Director of the Office of Government Ethics or the Federal Election Commission to determine what information is appropriate to redact before making returns available to the public (Section 3(a)(1)(B)(1)(D) and Section 3(a)(1)(B)(2)(D)).

Increased Scrutiny of Family and Business Interests: The definition of a "Presidential income tax return" extends beyond the President to include spouses, controlled corporations or partnerships, estates, and certain trusts (Section 2(c)(1)).