The "Taxpayer Notification and Privacy Act" amends the Internal Revenue Code to enhance taxpayer notification and privacy when the IRS seeks information from third parties. It mandates that if the IRS seeks information from third parties that has not been previously requested from the taxpayer and could reasonably be provided by them, the notice to the taxpayer must identify each specific item of information to be sought. Furthermore, the bill requires the IRS to provide the taxpayer with a reasonable opportunity , at least 45 days, to respond and furnish the requested information before contacting third parties, with extensions possible for reasonable cause. However, these requirements for specific itemization and a 45-day response period do not apply when information is sought for the collection of a tax liability or if the Secretary determines the information is necessary, irrespective of prior requests or the taxpayer's ability to provide it.