The Biden administration’s proposal to give the Internal Revenue Service more authority to impose tax penalties has tax attorneys concerned about the potential ramifications.
The changes, included in the latest “Greenbook,” would allow the IRS to approve penalties for tax violations at any time before assessment for cases not subject to Tax Court review and would eliminate the requirement for written approval of accuracy-related and fraud penalties. Any supervisory official would also be allowed to approve the penalties. That would mark a major shift: Current law says IRS employees must get written approval from their immediate ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.