IRS Collection & Penalty

IRS statement new era for the IRS. Outgoing Chuck Rettig gave closing comments on not only the tough times the IRS weathered during the Covid pandemic, but also the vision for the future of the agency, and how after the passage of the Inflation... Read More

IRS used private collectors targeted poor. TIGTA, the Tax Inspector General for Tax Administration, asked the IRS to stop over 14,000 low income taxpayers from Private Collection Agencies. The use of Private Debt Collectors first started under ... Read More

Statement shows IRS to get leaner meaner. At the end of a long term as Commissioner of the IRS, Charles Rettig gave some insights as to the future of the IRS, its goals, and how they plan to pivot to a leaner, with better computers, more aggres... Read More

1099-K IRS shows its going after everyone. Recent legislation now requires payment providers to forward tax statements, form 1099-K, to anyone who received payment that exceeds $600. The old limit was $20,000. Many mom and pop shops, Gig workers, ... Read More

IRS adding 87,000 personnel to close tax gap. With the passage of the Inflation Reduction Act, President Biden is fulfilling a campaign promise, to use the IRS Collection Division, which was underfunded for years, to collect the billions that a... Read More

Inflation reduction act to bolster IRS. It was a campaign promise of Joe Biden's, pay for these programs thru increased IRS enforcement. This was due to the fact the agency had been underfunded for years, and had additional responsibilities, in... Read More

Tax gap a reason for increased IRS funding. In an IRS publication, the Internal Revenue Service disclosed a whopping $496 billion tax gap, of uncollected funds from the years 2014 thru 2016. That particular publication can be seen at Tax Gap. T... Read More

Supreme Court to hear fbar penalty case. The U.S. Supreme Court has decided to hear, or in the Court's words grant "Certiorari" to Alexandru Bittner's case. He is a Romanian-American business person who was held liable for $2.72 million in pena... Read More

Superfund taxpayers granted penalty relief. The IRS provided temporary relief from a penalty for failure to deposit Superfund excise taxes and affirmed the availability of a safe harbor for deposits. The relief in Notice 2022-15 released friday... Read More

IRS waives penalties for farmers fishermen. In IRS Revenue Notice 2022-13, the IRS issued a memorandum on granting a waiver of estimated tax penalties to qualifying farmers and fishermen, prompted by the inability of some of them to e-file the ... Read More