WASHINGTON, DC - The Internal Revenue Service has ruled that effective immediately, pennies will be accepted as payment for individual tax returns. The move reverses a long-standing policy that vigorously prohibited such payments, and led to prosecution in many cases. The Treasury Department is hoping the move will soften the image of the IRS and stave off attempts to eliminate the increasingly worthless coin.
"The rising cost of prosecuting the pennypayers was becoming unjustifiable, and public opinion seemed to side with the taxpayer in most cases." said Morgan Kelley, Director of Currency Management at the Department. "Plus, not accepting the very coins we mint put us at a slight legal disadvantage."
Pennies will be accepted at all IRS offices and all postal center dropoffs set up for tax return collections. Pennies mailed to the IRS must be packaged properly and affixed with the proper postage. The pennies need not be rolled, however shortages in payments will be subject to existing fines currently in place.
"By accepting the pennies for tax payment, we hope the American people will realize the value of our most basic coin." said Kelley. "On the other hand, if they start sending us all the pennies that are out there, it will be easier to take them out of circulation."
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