S. 588 requires the IRS to automatically audit all presidential income tax returns and publicly release the results within 90 days of filing, with updated reports every 180 days until the audit is complete. The bill mandates that sitting Presidents and major-party presidential nominees disclose their federal income tax returns for the three most recent years—Presidents through the Office of Government Ethics and nominees through updated campaign finance disclosures within 15 days of nomination. The disclosed information will include returns for the President or nominee, their spouse, and any controlled corporations, partnerships, trusts, and estates, though sensitive details like Social Security numbers and minor children's names will be redacted. The Treasury Secretary is authorized to share these returns with election officials and ethics officers upon request, and the bill establishes penalties for failure to disclose or falsifying tax return information.
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