Washington (Nov. 14, 2003) -- Sen. Charles Grassley, R-Iowa, chairman of the Senate Finance Committee, and ranking member Max Baucus, D-Mont., have released a report from the General Accounting Office stating that the Internal Revenue Service collects just 12 percent of the preparer penalties that it assesses.

According to the GAO, of the $2.4 million in penalties the IRS levied against paid preparers over the years 2001 and 2002, the service collected just $291,000 of that total.

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