FRUGAL Act

To provide for fiscal responsibility by the Federal Government through the use of accountability laws. 1. Short title This Act may be cited as the Fiscal Responsibility Using Government Accountability Laws Act of 2014 FRUGAL Act 2. Offshore Tax Policies Enforcement (a) Determination of extent of taxpayer compliance in reporting on foreign accounts (1) In general Not later than 1 year after the date of the enactment of this Act, the Treasury Inspector General for Tax Administration shall— (A) conduct an analysis designed to measure the extent to which taxpayers are reporting existing foreign accounts and circumventing the 2003 Offshore Voluntary Compliance Initiative, 2009 Offshore Voluntary Disclosure Program, 2011 Offshore Voluntary Disclosure Initiative, and 2012 Offshore Voluntary Disclosure Programs and the extent to which taxpayers are properly utilizing offshore voluntary disclosure initiatives, and (B) submit a report to Congress based on the analysis. (2) Report The report required by paragraph (1) shall— (A) specify the extent to which taxpayers are circumventing offshore voluntary compliance initiatives and the amount of lost revenue as a result of such circumvention, and (B) contain such recommendations as the Treasury Inspector General for Tax Administration considers is necessary or appropriate for closing offshore tax loopholes and increasing revenue collection from offshore sources. (b) Increase in educational outreach concerning taxpayer offshore tax obligations (1) In general The Commissioner of Internal Revenue shall— (A) improve targeting taxpayers with offshore accounts by determining how taxpayers learned about the offshore voluntary disclosure program and targeting outreach efforts about offshore account reporting requirements to recent immigrants, and (B) use data gained from offshore programs— (i) to identify taxpayers with unreported foreign accounts, and (ii) to educate populations of taxpayers that might not be aware of their tax obligations related to offshore income filing requirements. (2) Report Not later than 1 year after the date of the enactment of this Act, the Commissioner of Internal Revenue shall submit a report to Congress describing how the Internal Revenue Service will close offshore tax loopholes and containing recommendations for closing offshore tax loopholes and increasing revenue collection from offshore sources. 3. Reverse auctions in Government contracting (a) Revision of FAR Not later than 180 days after the date of the enactment of this Act, the Federal Acquisition Regulation shall be revised to clarify the provisions relating to the use of reverse auctions by Federal agencies. (b) Guidelines The revisions to the Federal Acquisition Regulation shall include guidelines for the most efficient use of reverse auctions, including guidelines for ensuring that reverse auctions uphold high quality standards and that small businesses can continue to participate in the procurement process. (c) Reverse auction defined In this section, the term reverse auction 4. Coin inventory management plan and report (a) Plan required Not later than 180 days after the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall develop and implement a plan to reduce spending on coin inventory management. (b) Contents of plan The plan required under subsection (a) shall— (1) assess factors that have increased coin management costs; (2) establish a process to separately monitor direct and indirect costs, including support costs, of coin management; (3) establish goals and performance metrics related to coin management costs; and (4) establish a process to systematically track, analyze, and revise forecasting models of coin orders. (c) Report The Board of Governors shall submit to Congress a report on the plan that includes— (1) a timeline for implementing each objective of the plan; (2) a description of the accuracy of monthly forecasts of coin orders; and (3) a description of cost effective coin management practices across Federal reserve banks.

Summary: Fiscal Responsibility Using Government Accountability Laws Act of 2014 or the FRUGAL Act - Requires the Treasury Inspector General for Tax Administration to analyze the extent to which taxpayers are reporting existing foreign accounts and are circumventing or properly utilizing offshore voluntary disclosure initiatives and programs. Requires the Internal Revenue Service (IRS) to: (1) increase educational outreach concerning taxpayer offshore tax obligations, and (2) report to Congress on closing offshore tax loopholes and increasing revenue collection from offshore sources. Requires the Federal Acquisition Regulation to be revised to include guidelines for federal agencies to use reverse auctions, an electronic auction in which offerors compete by submitting bids or revised bids for a contract, task, or delivery order until the award is made to the offeror with the lowest bid. States that the guidelines should ensure that reverse auctions uphold high quality standards and that small businesses can continue to participate in the procurement process. Requires the Board of Governors of the Federal Reserve System to develop and implement a plan to reduce spending on coin inventory management.