To amend the Internal Revenue Code of 1986 to ensure that charitable beneficiaries of charitable remainder trusts are aware of their interests in such trusts.

Amends the Internal Revenue Code to establish requirements for notifying charitable beneficiaries of charitable remainder trusts of their interests in such trusts, including copies of estate tax return filings on which a charitable deduction is claimed. Disallows such deduction and establishes other penalties if such notices are not filed.

Requires each charitable remainder trust, contributions to which were deductible for Federal income, estate or gift tax purposes, to file an annual information return on its financial condition, transactions, fiduciaries, beneficiaries, and other information necessary to inform the Internal Revenue Service, beneficiaries, and the public adequately of its affairs.

Expresses the sense of the Congress that the Internal Revenue Service should modify certain regulations to require only one return to be filed by such trusts and that the Service should maintain an audit program of certain trusts whose assets exceed $10,000,000.