Department of the Treasury (51 - 60 of 2,767 items)
Information Technology: Federal Agencies Need to Address Aging Legacy Systems
GAO-16-468: Published: May 25, 2016. Publicly Released: May 25, 2016.
The federal government spent about 75 percent of the total amount budgeted for information technology (IT) for fiscal year 2015 on operations and maintenance (O&M) investments. Such spending has increased over the past 7 fiscal years, which has resulted in a $7.3 billion decline from fiscal years 2010 to 2017 in development, modernization, and enhancement activities.Total Federal IT Spending by Ty...
Management Report: Improvements Are Needed to Enhance the Internal Revenue Service's Internal Control over Financial Reporting
GAO-16-457R: Published: May 18, 2016. Publicly Released: May 18, 2016.
During its audit of the Internal Revenue Service’s (IRS) fiscal years 2015 and 2014 financial statements, GAO identified several deficiencies in IRS’s internal control over financial reporting that while not considered to be material weaknesses or significant deficiencies either individually or collectively, nonetheless warrant IRS management’s attention. These control deficiencies relate to...
Revolving Funds: Additional Pricing and Performance Information for FAA and Treasury Funds Could Enhance Agency Decisions on Shared Services
GAO-16-477: Published: May 10, 2016. Publicly Released: May 10, 2016.
The Federal Aviation Administration (FAA) and the Department of the Treasury (Treasury) have policies and procedures for effectively managing the Administrative Services Franchise Fund (ASFF) and the Treasury Franchise Fund (TFF)—the two revolving funds that GAO reviewed.FAA and Treasury Management of the Selected FundsClear roles and responsibilities The roles and responsibilities for managing...
Troubled Asset Relief Program: Capital Purchase Program Largely Has Wound Down
GAO-16-524: Published: May 6, 2016. Publicly Released: May 6, 2016.
The Capital Purchase Program (CPP) largely has wound down and the Department of the Treasury's (Treasury) returns on CPP investments surpassed the original amount disbursed. As of February 29, 2016, Treasury had received $226.7 billion in repayments and income from its CPP investments, exceeding the amount originally disbursed by almost $22 billion. As of the same date, 16 of the 707 institutions...
Government Efficiency and Effectiveness: Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Other Financial Benefits
GAO-16-580T: Published: Apr 27, 2016. Publicly Released: Apr 27, 2016.
GAO's 2016 annual report identifies 92 new actions that Congress and executive branch agencies could take to improve the efficiency and effectiveness of government in 37 areas. GAO identifies 12 areas in which there is evidence of fragmentation, overlap, or duplication. For example, GAO found that the Internal Revenue Service could potentially collect billions of dollars in taxes owed and save res...
Financial Institutions: Fines, Penalties, and Forfeitures for Violations of Financial Crimes and Sanctions Requirements
GAO-16-297: Published: Mar 22, 2016. Publicly Released: Apr 21, 2016.
Since 2009, financial institutions have been assessed about $12 billion in fines, penalties, and forfeitures for violations of Bank Secrecy Act/anti-money- laundering regulations (BSA/AML), Foreign Corrupt Practices Act of 1977 (FCPA), and U.S. sanctions programs requirements by the federal government. Specifically, GAO found that from January 2009 to December 2015, federal agencies assessed about...
Data Act: Progress Made but Significant Challenges Must Be Addressed to Ensure Full and Effective Implementation
GAO-16-556T: Published: Apr 19, 2016. Publicly Released: Apr 19, 2016.
The Office of Management and Budget (OMB) and the Department of the Treasury (Treasury) have taken some significant steps toward implementing the key provisions of the Digital Accountability and Transparency Act of 2014 (DATA Act); however, several challenges need to be addressed in order to successfully meet the act's requirements.Data standards and technical schema. GAO reported in January 2016,...
Tax Filing: IRS Needs a Comprehensive Customer Service Strategy and Needs to Better Combat Identity Theft Refund Fraud and Protect Taxpayer Data
GAO-16-578T: Published: Apr 19, 2016. Publicly Released: Apr 19, 2016.
The Internal Revenue Service (IRS) improved phone service to taxpayers during the 2016 filing season compared to last year. According to IRS, this is due in part to the additional $290 million in funding Congress provided to improve customer service, identity theft (IDT) refund fraud, and cybersecurity efforts. However, IRS expects its performance for the entire fiscal year will not reach the leve...
Information Security: IRS Needs to Further Enhance Controls over Taxpayer and Financial Data
GAO-16-590T: Published: Apr 14, 2016. Publicly Released: Apr 14, 2016.
In March 2016 GAO reported that the Internal Revenue Service (IRS) had instituted numerous controls over key financial and tax processing systems; however, it had not always effectively implemented safeguards intended to properly restrict access to systems and information. In particular, while IRS had improved some of its access controls, weaknesses remained with identifying and authenticating use...
Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate
GAO-16-363: Published: Mar 17, 2016. Publicly Released: Apr 13, 2016.
In each year from 2006 to 2012, at least two-thirds of all active corporations had no federal income tax liability. Larger corporations were more likely to owe tax. Among large corporations (generally those with at least $10 million in assets) less than half—42.3 percent—paid no federal income tax in 2012. Of those large corporations whose financial statements reported a profit, 19.5 percent p...