The Internal Revenue Service needs to do a better job of managing its sales of seized property, recommends a report by the Treasury Department's inspector general.
The report examined the procedures followed by the IRS in selling the property it seized to collect unpaid taxes. Seizures and sales by the IRS have increased in the past seven years. In fiscal 2001, 75 of the 234 seizures made by the IRS went to sale. In fiscal year 2007, 309 out of 676 seizures went to sale. Proceeds from the sales rose from $2.6 million to $20.7 million over the same period.
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