IRS Tax and Penalty Collection to increase in Los Angeles and California metro regions.
IRS Tax Attorneys and lawmakers advising Congress are likely to endorse giving Internal Revenue Service more tools to improve IRS tax debt collection, compliance and boost revenue.
Internal Revenue Service faces congressional pressure collect additional $290 billion per year in taxes which go uncollected each year.
Los Angeles and California based IRS centers have been increasing support staff trained for IRS tax collection and audits over the last three years. IRS and the government concurs that collecting additional tax, interest and tax penalties from those who already owe IRS taxes is seen as a smarter move than raising new taxes or tax penalties.
If the president’s proposals pass, it would require that brokerage houses and mutual funds to report to the Internal Revenue Service monies invested by taxpayers into various securities. Currently, taxpayer or brokerage houses are not required to report to the Internal Revenue Service such investment records. IRS estimates that if the new tax proposal passes, IRS would raise additional 7.5 billion dollars from 2008 through 2018. “President’s new tax proposal has high level of support from both houses of Congress and is likely to pass this Congressional term,” said tax attorney Victor Yoo, Los Angeles tax attorney with Tax Lawyers Group, APC.