We recently read an article in Accounting Today about a new program the IRS may expand. Under this program, the IRS would delay tax refunds for up to 6 months for delinquent payers, based on advice provided to the agency in a report from TIGTA (the Treasury Inspector General for Tax Administration).Â
The IRS claims that holding the refund encourages taxpayers to resolve their delinquent filing issues from any earlier tax year.Â
In their report, TIGTA said that it believed the expansion of this particular program is important in order to increase taxpayer filing compliance and taxpayer revenue at a lower cost then other traditional collection programs implemented by the IRS.
Read all the details on the report and about this program at Acounting Today.
Â And please call experienced Denver accountants Bloch, Rothman & Associates, LTD if you have become delquinent on past years' taxes or have any questions about the refund process for those who owe prior years' tax.Â
Call in Denver: (303) 321.7160