Procedural Requirements for Imposition of Penalties and Additions to Tax
The Internal Revenue Service Restructuring Act required that each notice imposing a penalty include the name of the penalty, the Code section imposing the penalty, and a computation of the penalty. The Act also requires the specific approval of IRS management to assess all non computer generated penalties unless excepted. This provision does not apply to failure to file penalties, failure to pay penalties, or to penalties for failure to pay estimated tax.
Last winter, Congress passed the 2015 Fixing America’s Surface Transportation Act to address our nation’s infrastructure. The FAST Act allows the IRS, for the first time, to share information with the State Department, which can cause the State Department to take action against U.S. taxpayers who owe money to the IRS.
Forbes contributor Josh Ungerman’s article, “Don’t Book That Caribbean Vacation If You Owe The IRS–Your Passport May Be Revoked,” cautions that the State Department can revoke existing passports or refuse to issue or renew a passport.
Click here to read the full article.