Accounting Today reported on Friday: The estimated gross U.S. tax gap increased to $496 billion annually for tax years 2014 through 2016, a rise of over $58 billion from the prior estimate — and the Internal Revenue Service estimates the gross tax gap will rise to $540 billion for 2017-2019. “The increase in the tax […]
Your efforts to keep the increase in the tax gap under $100 billion is greatly appreciated. The Internal Revenue Service estimates that U.S. companies and individuals failed to pay $385 billion in taxes they owed in 2006, an increase from $290 billion five years earlier. The agency said the rate of compliance remained almost unchanged at […]
You’ve been warned, scofflaws.
The inspector general audit found that the criminal unit closed 4,325 cases in fiscal 2010, well above its goal of 3,900, a mark the unit did not hit in 2009.
The average investigation, meanwhile, took exactly one year, a roughly 9 percent improvement over 2009, and the number of convictions in legal source tax cases also rose 7 percent from 2009 to 2010, and has jumped close to 23 percent since fiscal 2006.
As the audit points out, the unit’s performance also improved even as its staffing numbers decreased by roughly 2 percent since 2006.
And they probably all carry shotguns.
IRS hitting criminal investigation targets [OTM/The Hill]
As soon as you catch your breath from laughing hysterically, feel free to continue.
Max Baucus turns
59 69 on December 11th, so even if you assume that he will have the life expectancy of Robert Byrd that means he’s got 32 22 years of watching the IRS’s every move. Sure, we’re making the assumption that the IRS has a snowflake’s chance in Hell of closing the tax gap but that’s an assumption we’re comfortable making.
The General Accounting Office recently stated that the IRS was using “antiquated techniques” to fight tax evasion and Baucus feels compelled to be on top of the situation until the tax gap is a distant memory.
“This report makes clear the IRS needs to develop a comprehensive strategy to fight complex tax evasion schemes and that more work is needed to close the tax gap,” Baucus said in prepared remarks. “I intend to closely monitor the IRS’ progress to make sure they have an effective strategy to root out this tax evasions and close the tax gap once and for all.”
You may now resume laughing until you soil yourself.
Baucus urges new strategy for IRS to combat evasion [On the Money]