Tax Firm Says IRS Bent on Collecting Past Due Tax | AccountingWEB

Tax Firm Says IRS Bent on Collecting Past Due Tax

The IRS Restructuring and Reform Act of 1998 is not what it seems to be, according to a statement issued by Capitol Tax Relief, a private tax consulting firm helping taxpayers rid themselves of debt.

Although the Act was designed to make the IRS more efficient, in the minds of taxpayers, this equates to less leaning and more tolerance. Nevertheless, the intent by the IRS remains the same, according to Capitol General Manager Bruce Mayberry.

He said the Act was designed to enforce resolution and was not intended to dissolve necessary enforcement procedures. However, he has seen many taxpayers up in arms about settlements regarding past due tax, like lifetime installment agreements. Taxpayers who are liable for back taxes are running up against tax liens, bad credit ratings and those who just want to start over.

Sometimes, though, Mayberry said some matters do not take as long to resolve, such as "offers in compromise," or short-term settlements.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.