GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
As virtual currencies like bitcoin grow in popularity, how can IRS be sure that people are paying relevant taxes?
IRS addressed some taxpayer questions in its 2014 and 2019 virtual currency guidance. For example, the guidance says that using virtual currency can produce taxable capital gains.
How does the government prevent tax dodgers from hiding income in offshore accounts?
A 2010 law requires Americans and foreign banks to report more information to IRS about Americans' foreign assets. Implementing the law, however, has raised some concerns.
What GAO Found The Internal Revenue Service (IRS) provided the lowest level of telephone service during fiscal year 2015 compared to prior years, with only 38 percent of callers who wanted to speak with an IRS assistor able to reach one.
What GAO Found We reported the number of 2008 tax returns by state for IRS's 2009 Offshore Voluntary Disclosure Program (OVDP) participants. OVPD offered incentives for taxpayers to disclose their offshore accounts and pay delinquent taxes, interest and penalties.
What GAO FoundTier 1 hybrid capital instruments, particularly trust preferred securities, have been heavily used by bank holding companies because of their financial advantages, but they are not as effective in absorbing losses as traditional forms of Tier 1 capital, such as common equity.
The Securities and Exchange Commission's (SEC) ability to conduct investigations and bring enforcement actions for violations of securities laws is critical to its mission to protect investors and maintain fair and orderly markets.