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Tax Policy and Administration (81 - 90 of 1,534 items) in Custom Date Range
Fiscal Year 2013 Agreed-Upon Procedures: Excise Tax Distributions to the Airport and Airway Trust Fund and the Highway Trust Fund
GAO-14-162R: Published: Dec 9, 2013. Publicly Released: Dec 9, 2013.
GAO performed the procedures contained in the enclosures to this report, which it agreed to perform solely to assist the Department of Transportation's Inspector General in ascertaining whether the net excise tax revenue distributed to the Airport and Airway Trust Fund (AATF) and the Highway Trust Fund (HTF) for the fiscal year ended September 30, 2013, is supported by the underlying records. GAO...
Corporate Tax Expenditures: Evaluations of Tax Deferrals and Graduated Tax Rates
GAO-13-789: Published: Sep 16, 2013. Publicly Released: Nov 6, 2013.
Deferral: Both deferral tax expenditures confer the benefit of effectively reducing taxes by delaying the taxation of certain income of foreign subsidiaries of U.S. corporations until it is repatriated to the U.S. parent as dividends.1. While views on the purpose of deferral have changed over time, currently, it is often viewed by experts as promoting the competitiveness of U.S. multinational corp...
Security Clearances: Additional Mechanisms May Aid Federal Tax-Debt Detection
GAO-13-733: Published: Sep 10, 2013. Publicly Released: Oct 31, 2013.
About 8,400 individuals adjudicated as eligible for a security clearance from April 2006 to December 2011 owed approximately $85 million in unpaid federal taxes, as of June 2012. This represents about 3.4 percent of the civilian executive-branch employees and contractors who were favorably adjudicated during that period. GAO found that about 4,700 of the approximately 8,400 individuals were federa...
IRS 2014 Budget: Improvements Made to Budget Request and Cost Estimate, but Further Actions Needed
GAO-13-835: Published: Sep 26, 2013. Publicly Released: Sep 26, 2013.
For the fiscal year 2014 budget formulation process, the Internal Revenue Service (IRS) implemented a new process that uses templates to help screen, prioritize, and select new initiatives before detailed business cases are developed to support funding requests. The template information that GAO reviewed varied in detail and scope; for some, IRS guidance may have contributed to incomplete submissi...
Corporate Tax Compliance: IRS Should Determine Whether Its Streamlined Corporate Audit Process Is Meeting Its Goals
GAO-13-662: Published: Aug 22, 2013. Publicly Released: Sep 23, 2013.
Officials GAO interviewed inside and outside of the Internal Revenue Service (IRS) generally agreed on the potential major benefits of the Compliance Assurance Process (CAP) to taxpayers and IRS as reflected in its goals. These goals include saving IRS time and resources to use for other audits while ensuring compliance, and reducing taxpayer burden while increasing certainty on tax amounts now ow...
Corporate Income Tax: Effective Tax Rates Can Differ Significantly from the Statutory Rate
GAO-13-520: Published: May 30, 2013. Publicly Released: Jul 1, 2013.
Effective tax rates (ETR) differ from statutory tax rates in that they attempt to measure taxes paid as a proportion of economic income, while statutory rates indicate the amount of tax liability (before any credits) relative to taxable income, which is defined by tax law and reflects tax benefits and subsidies built into the law. Lacking access to detailed data from tax returns, most researchers...
Managing For Results: Executive Branch Should More Fully Implement the GPRA Modernization Act to Address Pressing Governance Challenges
GAO-13-518: Published: Jun 26, 2013. Publicly Released: Jun 26, 2013.
The executive branch has taken a number of steps to implement key provisions of the GPRA Modernization Act (the act). The Office of Management and Budget (OMB) developed interim cross-agency priority (CAP) goals, and agencies developed agency priority goals (APG). Agency officials reported that their agencies have assigned performance management leadership roles and responsibilities to officials w...
Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks
GAO-13-516: Published: May 15, 2013. Publicly Released: Jun 17, 2013.
Transactions within virtual economies or using virtual currencies could produce taxable income in various ways, depending on the facts and circumstances of each transaction. For example, transactions within a "closed-flow" virtual currency system do not produce taxable income because a virtual currency can be used only to purchase virtual goods or services. An example of a closed-flow transaction...
Tax Refunds: IRS Is Exploring Verification Improvements, but Needs to Better Manage Risks
GAO-13-515: Published: Jun 4, 2013. Publicly Released: Jun 4, 2013.
The Internal Revenue Service (IRS) receives few information returns before issuing most tax refunds. In 2012, IRS issued 50 percent of tax year 2011 refunds to individuals by the end of February, but had only received 3 percent of information returns. Most information returns are not received by IRS until after mid-April, and IRS conducts the first match of tax and information returns in July, wit...
Tax Expenditures: IRS Data Available for Evaluations Are Limited
GAO-13-479: Published: Apr 30, 2013. Publicly Released: May 30, 2013.
Internal Revenue Service (IRS) data are not sufficient for identifying who claims a tax expenditure and how much they claim for $492 billion or almost half the dollar value of all tax expenditures that GAO examined. Such basic data are not available at IRS for tax expenditures because they do not have their own line item on a tax form. This included $102 billion of tax expenditures that were not o...