Political Quotes

“in current S. 540, there is a provision--tax administration, section 115, tax assessment--that would allow the assessment of uncontested or agreed upon prepetition tax liabilities. While of some assistance to the Internal Revenue Service, the provision does not cover taxes that may not require a return or those that do not involve the deficiency procedures of the Internal Revenue Code such as excise taxes and employment taxes. The amendment proposed would extend the ability of the Service to make assessments with regard to all taxes that it administers. Under the proposal, the Service would still be prohibited from taking steps to collect the tax. It would simply be allowed to make an assessment and send the first bill notifying the taxpayers of the liability. In addition, the restrictions on assessment contained in the Internal Revenue Code will continue in full force and effect. The proposal would not allow the Service to assess a deficiency in income taxes while the stay is in effect until either the automatic stay is lifted, the Bankruptcy Court determines the liability, or the Bankruptcy Court allows the Tax Court to continue the proceeding. The proposal is consistent with a recommendation made by the General Accounting Office.…”