IRS To Step Up Fraudulent Credit Penalty Enforcement

Law360, New York (November 12, 2013, 8:36 PM EST) -- In the wake of a scathing watchdog report released Tuesday, the Internal Revenue Service announced that it would move quickly to develop new processes for imposing and collecting penalties levied against taxpayers for claiming improper tax credits.

The IRS acquiesced to recommendations of the Treasury Inspector General for Tax Administration to harden enforcement of penalties against taxpayers claiming improper tax credits after an investigation found the agency had misinterpreted penalty provisions designed to reduce tax credit fraud, resulting in the collection of only $1.9 million of...
To view the full article, register now.