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  • Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers

    05/13/2022 10:45:59 AM PDT · by Red Badger · 71 replies
    CNBC ^ | Kate Dore | PUBLISHED THU, MAY 12 20221:58 PM EDT - UPDATED 3 HOURS AGO
    The IRS destroyed data for an estimated 30 million filers in March 2021, according to the Treasury Inspector General for Tax Administration. The decision, prompted by a backlog of paper filings, has sparked anger in the tax community. “It just further damages the IRS’ reputation in the business community and in the public,” said Larry Harris, director of tax services at Parsec Financial. An audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers, sparking anger from the tax community. The material, known as paper-filed information returns in accounting parlance, is...