Tuesday, August 4, 2009

IRS Failure

The Treasury inspector informs us some big past-due accounts are not actively pursued. The inspector found 448 (as reported in The Kiplinger Tax Letter: Vol. 84, No. 15) overdue accounts over $1 million not actively worked. The IRS argument for failing to collect on these accounts is that some amounts due only surpass $1 million with penalty and interest.

Taxpayers deserve better. When this kind of money is left on the table, you and I pay higher taxes to make up the difference. Some of these accounts may be uncollectable. Still, some of the $1.2 billion due on these 448 accounts is collectable. There is no reason these accounts are not even worked.

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