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Tuesday, September 25, 2007

GAO: Congress Should Index Civil Tax Penalties for Inflation

The Government Accountability Office yesterday released a report to the Senate Finance Committee:  Inflation Has Significantly Decreased the Real Value of Some Penalties (GAO-07-1062):

Congress should consider requiring IRS to periodically adjust for inflation, and round appropriately, the fixed dollar amounts of civil tax penalties to account for the decrease in real value over time and so that penalties for the same infraction are consistent over time.

http://taxprof.typepad.com/taxprof_blog/2007/09/gao-congress-sh.html

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