Tax Administration
IRS' Management of Seized Assets Gao ID: T-GGD-92-65 September 24, 1992In this testimony on the Internal Revenue Service's (IRS) management of assets seized from individuals and businesses, GAO concludes that there is vast room for improvement. Controls over the property, including vehicles, real estate, and personal effects, are weak and cannot protect against theft, waste, or misuse. The practices used to dispose of seized property do not necessarily lead to the highest sale price at the lowest cost. As a result, the return is low compared to the taxes owed. Another concern is that the practices used could easily lead to disparate treatment of taxpayers.
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