Federal taxes (51 - 60 of 225 items)
Tax Administration: Systematic Information Sharing Would Help IRS Determine the Deductibility of Civil Settlement Payments
GAO-05-747: Published: Sep 15, 2005. Publicly Released: Oct 18, 2005.
Although some civil settlement payments are deductible, their deterrence factor could be lessened if companies can deduct certain settlement payments from their income taxes. GAO was asked to (1) identify federal agencies that negotiated some of the largest dollar civil settlements, (2) determine whether selected federal agencies take tax consequences into account when negotiating settlements and...
Tax Policy: Summary of Estimates of the Costs of the Federal Tax System
GAO-05-878: Published: Aug 26, 2005. Publicly Released: Sep 27, 2005.
In 2005, Americans will pay about $2.1 trillion in combined federal taxes, including income, payroll, and excise taxes, or about 16.8 percent of Gross Domestic Product (GDP). However, the amount of taxes paid does not reflect the total cost to taxpayers of the federal tax system. In addition to taxes paid, taxpayers also bear compliance costs and efficiency costs. Understanding the magnitude of th...
Understanding the Tax Reform Debate: Background, Criteria, and Questions
GAO-05-1009SP: Published: Sep 1, 2005. Publicly Released: Sep 1, 2005.
Taxes are necessary because they fund the services provided by government. In 2005, Americans will pay about $2.1 trillion in combined federal taxes, including income, payroll, and excise taxes, or about 16.8 percent of gross domestic product. Beyond funding government, the federal tax system has profound effects on the economy as a whole and on individual taxpayers, both for today and tomorrow. T...
Tax-Exempt Sector: Governance, Transparency, and Oversight Are Critical for Maintaining Public Trust
GAO-05-561T: Published: Apr 20, 2005. Publicly Released: Apr 20, 2005.
The tax-exempt sector under section 501(c) of the Internal Revenue Code covers over a million-and-a-half entities of varying sizes and purposes. Its diversity allows it to address the needs of many citizens. To help it do so, Congress and some in the tax-exempt sector itself encourage good governance practices by exempt entities. Transparency over exempt entities' activities is aided by public acc...
Tax Shelters: Services Provided by External Auditors
GAO-05-171: Published: Feb 1, 2005. Publicly Released: Feb 24, 2005.
Recent legislative and regulatory changes have addressed the relationship between auditor-provided tax services and auditor independence. At this time, the federal regulatory community is exploring further changes. To contribute to the discussion surrounding these changes, GAO's objectives were to determine (1) according to Internal Revenue Service (IRS) data, how many Fortune 500 companies obtain...
Opportunities to Improve Timeliness of IRS Lien Releases
GAO-05-26R: Published: Jan 10, 2005. Publicly Released: Jan 10, 2005.
Among the Internal Revenue Service's (IRS) many tools to collect outstanding taxes is its ability to use the property of a taxpayer as security for an outstanding tax debt. IRS exercises this power when it files a federal tax lien against the property of a taxpayer. As part of its tax collection activities, IRS reported filing more than 548,000 tax liens against taxpayer property in fiscal year 20...
Tax Policy: Historical Tax Treatment of INTELSAT and Current Tax Rules for Satellite Corporations
GAO-04-994: Published: Sep 13, 2004. Publicly Released: Sep 28, 2004.
The International Telecommunications Satellite Organization (INTELSAT)--an intergovernmental organization launched in 1964 to design, develop, and operate a commercial telecommunications satellite system--enjoyed certain privileges that domestic companies do not, including some related to taxation. Each member nation designated a Signatory to participate as an investor. The U.S. Signatory was COMS...
International Taxation: Tax Haven Companies Were More Likely to Have a Tax Cost Advantage in Federal Contracting
GAO-04-856: Published: Jun 30, 2004. Publicly Released: Aug 27, 2004.
The federal government was involved in about 8.6 million contract actions, including new contract awards, worth over $250 billion in fiscal year 2002. Some of these contracts were awarded to tax haven contractors, that is, U.S. subsidiaries of corporate parents located in tax haven countries. Concerns have been raised that these contractors may have an unfair cost advantage when competing for fede...
Tax Debt Collection: IRS Is Addressing Critical Success Factors for Contracting Out but Will Need to Study the Best Use of Resources
GAO-04-492: Published: May 24, 2004. Publicly Released: May 24, 2004.
Congress is considering legislation to authorize IRS to contract with private collection agencies (PCA) and to pay them out of the tax revenue that they collect. Some have expressed concerns that this proposal might be unsuccessful, inefficient, or result in taxpayers being mistreated or having their private tax information compromised. This report discusses (1) the critical success factors for co...
Tax Administration: Comparison of the Reported Tax Liabilities of Foreign- and U.S.-Controlled Corporations, 1996-2000
GAO-04-358: Published: Feb 27, 2004. Publicly Released: Apr 2, 2004.
In prior reports, GAO found differences in the percentages of foreign-controlled corporations (FCC) and U.S.-controlled corporations (USCC) reporting no tax liability. Based on concerns that FCCs could be avoiding taxes by improperly shifting income to lower tax countries, GAO was asked to compare, for the years 1996 through 2000, (1) FCCs and USCCs, based on the tax liabilities they reported on t...