Why IOU Might Be Better Name Than IRS
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WASHINGTON — The backlog of unpaid federal taxes has ballooned to $111 billion, and barely one-quarter is likely to be collected, the Internal Revenue Service said.
Commissioner Shirley D. Peterson said the rest is divided about equally among erroneous assessments, insolvent businesses and individuals with personal hardships.
“A quarter of the inventory is not owed, but results from errors by taxpayers and the IRS,” Peterson told a Senate committee. “There is little that we can do to collect amounts in bankruptcy or which taxpayers cannot pay.”
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