Journal of Accountancy
By Gerard H. Schreiber Jr., CPA; Kristine R. Wolbach, CPA; and Marilyn Young, CPA, Ph.D., January 1, 2019
Sec. 6306 requires the Treasury secretary to enter into qualified tax collection contracts with private collection agencies (PCAs) to collect "outstanding inactive tax receivables," and during 2017 the IRS selected four PCAs to participate in the program. Under the statute, a tax receivable means any outstanding assessment included in the "potentially collectible inventory." Read more.