AICPA submits report on Civil Tax Penalties Reform.

On Aug. 28 the AICPA submitted a "Report on Civil Tax Penalties: The Need for Reform" to the congressional tax-writing committees and officials at Treasury and the Internal Revenue Service. In the report, the AICPA raises concerns regarding the current state of civil tax penalties and comments that, in the 20 years since the civil tax penalty system was last overhauled, numerous penalty provisions have been enacted that are not directed toward, and do not achieve, the core goal of encouraging voluntary compliance. The...