Tax debts

The Samsung dynasty’s art collection, including classic paintings by Picasso and Monet, is estimated to be worth between $2.2 billion and $2.7 billion.

Private collection agencies that have contracted with the Internal Revenue Service to collect overdue tax debts have collected nearly $500 million since 2017, according to a new report, but that’s just a fraction of the over $30 billion owed.

The agency is encouraging taxpayers who have received but not yet responded to a CP-14 notice to promptly do so.

The Internal Revenue Service is extending the due dates on its balance due notices because it wasn’t able to mail out the preprinted letters to taxpayers due to office closures during the ongoing COVID-19 pandemic.

The Tax Court rules that creditors must have hard evidence that an obligation is uncollectable before they deduct it.