A proposed U.S. Senate bill that would send unpaid Internal Revenue Service taxes to private collection agencies would be a money-loser for the tax agency, argues the IRS Oversight Board, a watchdog panel.

Sen. Charles E. Schumer (D-NY) recently introduced the private debt collection proposal, which is now on the Senate floor. The measure has bipartisan support but would be unlikely to reach President Obama’s desk quickly because of an ongoing dispute with the House over reviving expired tax breaks.

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