Reporting requirements (21 - 30 of 96 items)
Financial Audit: IRS's Fiscal Years 2008 and 2007 Financial Statements
GAO-09-119: Published: Nov 10, 2008. Publicly Released: Nov 10, 2008.
Because of the significance of Internal Revenue Service (IRS) collections to overall federal receipts and, in turn, to the consolidated financial statements of the U.S. government, which GAO is required to audit, and Congress's interest in financial management at IRS, GAO audits IRS's financial statements annually to determine whether (1) the financial statements are fairly stated, and (2) IRS man...
Tax Gap: Actions That Could Improve Rental Real Estate Reporting Compliance
GAO-08-956: Published: Aug 28, 2008. Publicly Released: Sep 29, 2008.
As part of its most recent estimate of the tax gap, for tax year 2001, the Internal Revenue Service (IRS) estimated that individuals underreported taxes related to their rental real estate activities by as much as $13 billion. Given the magnitude of underreporting, even small improvements in taxpayer compliance could result in substantial revenue. GAO was asked to provide information on rental rea...
Tax Administration: Comparison of the Reported Tax Liabilities of Foreign- and U.S.-Controlled Corporations, 1998-2005
GAO-08-957: Published: Jul 24, 2008. Publicly Released: Aug 12, 2008.
Concerns about transfer pricing abuse have led researchers to compare the tax liabilities of foreign- and U.S.-controlled corporations. (Transfer prices are the prices related companies charge on intercompany transactions.) However, such comparisons are complicated because other factors may explain the differences in reported tax liabilities. In three prior reports, GAO found differences in the pe...
Tax Expenditures: Available Data Are Insufficient to Determine the Use and Impact of Indian Reservation Depreciation
GAO-08-731: Published: Jun 26, 2008. Publicly Released: Jul 28, 2008.
Indians lag behind other Americans on many key economic indicators, such as median household income. To improve such conditions, Congress in 1993 created Indian reservation depreciation (IRD), a tax expenditure offering accelerated depreciation for property invested on Indian reservations. GAO was asked to (1) describe which taxpayers claimed IRD, (2) analyze the effect of IRD on the economic deve...
Cayman Islands: Business Advantages and Tax Minimization Attract U.S. Persons and Enforcement Challenges Exist
GAO-08-779T: Published: Jul 24, 2008. Publicly Released: Jul 24, 2008.
The Cayman Islands is a major offshore financial center and the registered home of thousands of corporations and financial entities. Financial activity there is in the trillions of dollars annually. One Cayman building--Ugland House--has been the subject of public attention as the listed address of thousands of companies. To help Congress better understand the nature of U.S. persons' business acti...
Cayman Islands: Business and Tax Advantages Attract U.S. Persons and Enforcement Challenges Exist
GAO-08-778: Published: Jul 24, 2008. Publicly Released: Jul 24, 2008.
The Cayman Islands is a major offshore financial center and the registered home of thousands of corporations and financial entities. Financial activity in the Cayman Islands is measured in the trillions of dollars annually. One Cayman building--Ugland House--has been the subject of public attention as the listed address of thousands of companies. To help Congress better understand the nature of U...
Highlights of the Joint Forum on Tax Compliance: Options for Improvement and Their Budgetary Potential
GAO-08-703SP: Published: Jun 30, 2008. Publicly Released: Jun 30, 2008.
The tax gap--the difference between the tax amounts taxpayers pay voluntarily and on time and what they should pay under the law--has been a long-standing problem in spite of many efforts to reduce it. When some taxpayers fail to comply, the burden of funding the nation's commitments falls more heavily on compliant taxpayers. reducing the tax gap would help improve the nation's fiscal stability. F...
Value-Added Taxes: Lessons Learned from Other Countries on Compliance Risks, Administrative Costs, Compliance Burden, and Transition
GAO-08-566: Published: Apr 4, 2008. Publicly Released: May 5, 2008.
Dissatisfaction with the federal tax system has led to a debate about U.S. tax reform, including proposals for a national consumption tax. One type of proposed consumption tax is a value-added tax (VAT), widely used around the world. A VAT is levied on the difference between a business's sales and its purchases of goods and services. Typically, a business calculates the tax due on its sales, subtr...
Tax Compliance: Qualified Intermediary Program Provides Some Assurance That Taxes on Foreign Investors Are Withheld and Reported, but Can Be Improved
GAO-08-99: Published: Dec 19, 2007. Publicly Released: Jan 25, 2008.
U.S. source income flows to recipients offshore through foreign financial institutions and U.S. withholding agents. The Internal Revenue Service (IRS) established the Qualified Intermediary (QI) program to improve tax withholding and reporting on such income. QIs are foreign financial institutions that contract with IRS to withhold and report U.S. tax. GAO was asked to (1) describe program feature...
Tax Administration: Costs and Uses of Third-Party Information Returns
GAO-08-266: Published: Nov 20, 2007. Publicly Released: Dec 20, 2007.
One proven approach for improving tax compliance is information reporting to the Internal Revenue Service (IRS) by third parties about taxpayers' income and expenses. IRS matches information returns with taxpayers' income tax returns to see if taxpayers have filed returns and reported all their income. The administration's fiscal year 2008 budget proposed requiring information reporting on merchan...