Will Equipment Inventory Prevent IRS Y2K Readiness? | AccountingWEB

Will Equipment Inventory Prevent IRS Y2K Readiness?

The IRS may not be ready for Y2K as previously planned, according to a recent letter addressed to House Ways and Means Committee Chair Bill Archer.

Problems include equipment and software that may not be Y2K ready at offices around the country. The agency says it has contingency plans in place, but in the event the IRS is not ready for the new year, the agency reports it could end up manually issuing some tax refunds.

If it came to this, IRS Commissioner Charles Rossotti said that manual refunds would be issued to taxpayers who are most in need of funds.

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.