This month, the Internal Revenue Service (IRS) began implementing the private debt collection program approved through the 2004 American Jobs Creation Act. The program is intended to reduce the growing amount of uncollected tax liabilities. Tax preparation professionals and others, however, have voiced concerns regarding the effectiveness and security of the program which have not been appeased by the safeguards put in place by the IRS.

One of those having concerns is Bill Smith, Director of the National Tax Office at CBIZ Accounting, Tax & Advisory, who recently talked with AccountingWEB Managing Editor Jay Hammond about the private debt collection program, its effects on the reputation of the IRS and its implications for American taxpayers.

"Although the safeguards are a positive step in attempting to protect the rights of taxpayers, it is virtually impossible to address the inherent conflict of interest of the collection agencies," Smith said, adding that the entire program challenges the integrity of the IRS and is a tacit admission that the IRS is not competently administering current tax laws. "Such programs have failed in the past, are the subject of widespread taxpayer complaints, and have historically turned out to be a waste of taxpayer money," Smith concludes.

Read the entire article, Click Here.

SUBSCRIBER INFORMATION
Unsubscribe to stop the Bi-Weekly Business Bullet news wire being delivered to your inbox.

If you've forgotten your AccountingWEB.com login details, we'll send you a reminder. Just click here.