Income taxes (41 - 50 of 90 items)
Tax Deductions: Estimates of Taxpayers Who May Have Overpaid Federal Taxes by Not Itemizing
GAO-01-529: Published: Apr 12, 2001. Publicly Released: Apr 12, 2001.
When computing their federal taxes, taxpayers either claim a standard deduction or itemize deductions. This report estimates (1) the number of taxpayers who may have overpaid their taxes by claiming the standard deduction instead of itemizing their deductions, and (2) the amount of taxes they may have overpaid. On about 510,000 individual tax returns in tax year 1998, GAO found that taxpayers did...
Alternative Minimum Tax: Overview of Its Rationale and Impact on Individual Taxpayers
GAO-01-500T: Published: Mar 8, 2001. Publicly Released: Mar 8, 2001.
This testimony focuses on the Alternative Minimum Tax (AMT), its interaction with the regular tax system, and its projected growth in coverage. GAO found that (1) AMT was designed to ensure that high-income individuals do not avoid significant income tax liabilities--for tax year 1997, about 14,000 taxpayers would not have paid any income taxes absent AMT, (2) AMT operates as a separate tax system...
Internal Revenue Service: Preparing Substitute for Returns for Individuals
GGD-00-60R: Published: Feb 17, 2000. Publicly Released: Mar 3, 2000.
Pursuant to a congressional request, GAO provided information on the Substitute for Return (SFR) program at the Internal Revenue Service (IRS).GAO noted that: (1) IRS prepares a substitute for return for certain individuals classified as potential nonfilers for whom: (a) it has what it considers to be adequate information about income; and (b) the estimated tax liability is at or above a certain l...
IRS Audits: Weaknesses in Selecting and Conducting Correspondence Audits
GGD-99-48: Published: Mar 31, 1999. Publicly Released: Mar 31, 1999.
Pursuant to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) program to audit income tax returns through correspondence, focusing on: (1) the number, results, and duration of correspondence audits as well as the characteristics of the audited returns; and (2) processes and requirements that IRS has had for years to govern correspondence audits.GAO noted that: (1) several...
Tax Administration: IRS' Problem-Solving Days
GGD-99-1: Published: Oct 16, 1998. Publicly Released: Nov 16, 1998.
Pursuant to a congressional request, GAO reviewed the effectiveness of Internal Revenue Service's (IRS) problem-solving days (PSD), focusing on: (1) how the PSDs were organized and advertised and what IRS did to make them conducive to discussing and resolving taxpayers' ongoing tax problems; (2) taxpayers' overall satisfaction with the initiative and the extent to which taxpayers' problems were re...
Puerto Rico: Potential Federal Income Tax Revenues Resulting From Statehood
GGD-98-166R: Published: Jul 8, 1998. Publicly Released: Jul 8, 1998.
Pursuant to a congressional request, GAO estimated the amount of federal income taxes that individuals and corporations in Puerto Rico would pay if the: (1) termination of the Puerto Rican economic activity credit and the change in political status occurred today; and (2) amount and distribution of individual and corporate incomes in Puerto Rico remain similar to what they have been in recent year...
Tax Administration: IRS Measures Could Provide a More Balanced Picture of Audit Results and Costs
GGD-98-128: Published: Jun 23, 1998. Publicly Released: Jun 23, 1998.
Pursuant to a congressional request, GAO provided information on the Internal Revenue Service's (IRS) measures of the results of its audits of tax returns, focusing on: (1) how much of the additional taxes recommended in all types of audits that were closed in fiscal year (FY) 1992 through FY 1997 had been settled or were still in dispute and, if settled, how much had been assessed and collected a...
Tax Administration: Audit Trends and Taxes Assessed on Large Corporations
GGD-96-6: Published: Oct 13, 1995. Publicly Released: Oct 13, 1995.
GAO reviewed the results of the Internal Revenue Service's (IRS) efforts to audit the tax returns of about 45,000 large corporations, focusing on: (1) audit trends for fiscal years 1988 through 1994; (2) the portion of taxes recommended by agents that were eventually assessed; and (3) the profiles of audited large corporations compared with those of nonaudited corporations.GAO found that: (1) for...
Tax Administration: Process Used to Revise the Federal Employment Tax Deposit Regulations
GGD-95-8: Published: Dec 29, 1994. Publicly Released: Dec 29, 1994.
Pursuant to a congressional request, GAO reviewed the revised federal employment tax deposit regulations issued by the Department of the Treasury and the Internal Revenue Service (IRS) on September 24, 1992, focusing on: (1) whether the Treasury and IRS developed the regulations by applying principles from the IRS Compliance 2000 initiative; (2) how the revision process could be improved; and (3)...
Tax Administration: Compliance Measures and Audits of Large Corporations Need Improvement
GGD-94-70: Published: Sep 1, 1994. Publicly Released: Oct 17, 1994.
Pursuant to a congressional request, GAO reviewed the Internal Revenue Service's (IRS) Coordinated Examination Program (CEP) to audit the largest corporations' tax returns, focusing on: (1) whether large corporations pay all the taxes they owe; (2) the amount of additional taxes collected after appeals and litigation; (3) factors that reduce the amounts collected; and (4) the status of ongoing cha...