Federal taxes (31 - 40 of 90 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...
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 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: Information on Federal Contractors With Offshore Subsidiaries
GAO-04-293: Published: Feb 2, 2004. Publicly Released: Mar 5, 2004.
Every year, U.S.-based multinational corporations transfer hundreds of billions of dollars of goods and services between their affiliates in the United States and their foreign subsidiaries. Such transactions may be a part of normal business operations for corporations with foreign subsidiaries. However, it is generally recognized that given the variation in corporate tax rates across countries, a...
Tax Administration: Most Taxpayers Believe They Benefit from Paid Tax Preparers, but Oversight for IRS Is a Challenge
GAO-04-70: Published: Oct 31, 2003. Publicly Released: Nov 12, 2003.
Over 55 percent of the nearly 130 million taxpayers in tax year 2001 used a paid tax preparer. However, using a preparer may not assure that taxpayers pay the least amount due. Last year, GAO estimated that as many as 2 million taxpayers overpaid their 1998 taxes by $945 million because they failed to itemize deductions and half of these used preparers. GAO was asked to (1) obtain the views of tax...
IRS's Use of Information on Taxpayers Claiming Many Allowances or Exemption From Federal Income Tax Withholding
GAO-04-79R: Published: Nov 6, 2003. Publicly Released: Nov 6, 2003.
In September 2003, we responded to a request from Representative Elton Gallegly to provide information on the number of taxpayers who claimed more than 10 withholding allowances and taxpayers who claimed exemption from federal income tax withholding. The Internal Revenue Service (IRS) calls such claims questionable Form W-4s. However, in the course of performing our work, we became concerned about...
Reliability of Information on Taxpayers Claiming Many Withholding Allowances or Exemption from Federal Income Tax Withholding
GAO-03-913R: Published: Sep 15, 2003. Publicly Released: Sep 15, 2003.
When taxpayers claim more withholding allowances than they are entitled to or improperly claim exemption from withholding, either no tax or too little tax is withheld from their wages. As a result, some taxpayers end up owing the Internal Revenue Service (IRS) additional taxes, and if the taxes are not paid on time, they become delinquent. This report responds to a Congressional request for inform...
Tax Administration: New Compliance Research Effort Is on Track, but Important Work Remains
GAO-02-769: Published: Jun 27, 2002. Publicly Released: Jul 30, 2002.
The U.S. tax system is based on taxpayers voluntarily complying with the tax laws. However, the Internal Revenue Service (IRS) last measured taxpayers' rate of compliance using 1988 tax returns. As time has passed, IRS has become concerned that its ability to understand the effectiveness of its programs and target audits on noncompliant returns has deteriorated, potentially resulting in poorer ser...
Income Ranges of Taxpayers Who May Have Overpaid Federal Taxes by Not Itemizing
GAO-02-638R: Published: Apr 11, 2002. Publicly Released: Apr 11, 2002.
This report provides information on the income ranges of taxpayers who may have overpaid federal taxes by not itemizing. GAO found that of the returns filed for tax year 1998, 53 percent of taxpayers who may have overpaid federal taxes by not itemizing, had adjusted gross incomes of $50,000 or less. Eleven percent showed adjusted gross incomes of more than $75,000. The median adjusted gross income...
Tax Deductions: Further Estimates of Taxpayers Who May Have Overpaid Federal Taxes by Not Itemizing
GAO-02-509: Published: Mar 29, 2002. Publicly Released: Apr 11, 2002.
When computing their federal taxes, taxpayers either claim a standard or itemized deduction. In recent years, about 70 percent of taxpayers have claimed the standard deduction. GAO found that on 948,000 tax returns for tax year 1998, taxpayers did not itemize their deductions yet had payments for mortgage interest and points and for state and local income tax that exceeded the standard deductions...