Prof. Smith Quoted in TaxNotes Discussing Changes Proposed by the Treasury for Tax Penalties

Professor Caleb Smith was quoted discussing the Treasury's "green book" proposals to Congress modifying how IRC 6751 applies to tax penalties. IRC 6751 is a provision that requires "supervisory approval" before most tax penalties can be assessed. While agreeing that changes to the statutory language are needed, Professor Smith explained how he believes the proposed changes could negatively effect low-income taxpayers.