Taxes (101 - 110 of 364 items)
Tax Compliance: Challenges to Corporate Tax Enforcement and Options to Improve Securities Basis Reporting
GAO-06-851T: Published: Jun 13, 2006. Publicly Released: Jun 13, 2006.
Corporate income taxes are expected to bring in about $277 billion in 2006 to help fund the activities of the federal government. Besides raising revenue, the tax alters investment decisions and raises concerns about competitiveness in an environment of increasing global interdependency. The complexity of the tax breeds tax avoidance, including an estimated $32 billion of noncompliance detected by...
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 Compliance: Better Compliance Data and Long-term Goals Would Support a More Strategic IRS Approach to Reducing the Tax Gap
GAO-05-753: Published: Jul 18, 2005. Publicly Released: Aug 17, 2005.
According to the Internal Revenue Service (IRS), a gap arises each year between what taxpayers pay accurately and on time in taxes and what they should pay under the law. The tax gap is composed of underreporting of tax liabilities on tax returns, underpaying of taxes due from filed returns, and nonfiling of required tax returns altogether or on time. GAO was asked to provide information on (1) th...
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...
September 11: Recent Estimates of Fiscal Impact of 2001 Terrorist Attack on New York
GAO-05-269: Published: Mar 30, 2005. Publicly Released: Apr 5, 2005.
In 2002, GAO reported that the New York budget offices estimated that from the terrorist attack, New York City sustained tax revenue losses of $1.6 billion for 2002 and $1.4 billion for 2003, New York State $1.6 billion for 2002 and $4.2 billion for 2003. GAO found some limitations to these estimates, such as that it is likely that they included some of the economic recession under way in Septembe...
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...
Foreign Assistance: USAID and the Department of State Are Beginning to Implement Prohibition on Taxation of Aid
GAO-04-314R: Published: Feb 20, 2004. Publicly Released: Feb 20, 2004.
In 2002, Congress learned that the Palestinian Authority had collected $6.8 million in taxes on U.S. humanitarian assistance meant for the people of the West Bank and Gaza and subsequently learned that some other foreign governments were also taxing U.S. assistance. U.S. Agency for International Development (USAID) officials estimate that at least several million dollars in taxes are collected ann...
Internal Revenue Service: Challenges Remain in Combating Abusive Tax Schemes
GAO-04-50: Published: Nov 19, 2003. Publicly Released: Dec 19, 2003.
Abusive tax avoidance schemes could threaten our tax system's integrity and fairness if honest taxpayers believe that significant numbers of individuals are not paying their fair share of taxes. Abusive schemes encompass such distortions of the tax system as falsely describing the law (saying, for example, that the income tax is unconstitutional), misrepresenting facts (for instance, promoting the...
Internet Cigarette Sales: Limited Compliance and Enforcement of the Jenkins Act Result in Loss of State Tax Revenue
GAO-03-714T: Published: May 1, 2003. Publicly Released: May 1, 2003.
The Jenkins Act requires any person who sells and ships cigarettes across a state line to a buyer, other than a licensed distributor, to report the sale to the buyer's state tobacco tax administrator. The act establishes misdemeanor penalties for violating the act. Compliance with this federal law by cigarette sellers enables states to collect cigarette excise taxes from consumers. However, some s...