Download or read book Tax Gap Tax Compliance and Proposed Legislation in the 112th Congress written by James M. Bickley and published by Createspace Independent Pub. This book was released on 2012-11-22 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent and projected large federal budget deficits and the need for revenue offsets under the Pay-As-You-Go Act (PAYGO) have generated congressional interest in the feasibility of increasing revenue by reducing the tax gap. The Internal Revenue Service (IRS) defines the gross tax gap as the difference between the tax liability imposed by law for a given tax year and the amount of tax that taxpayers pay voluntarily and on time for that year. It defines the net tax gap as the amount of the gross tax gap that remains unpaid after all enforced and other late payments are made for the tax year. For tax (calendar) year 2006 (the most recent year for which data are available), the IRS estimated a gross tax gap of $450 billion, equal to a noncompliance rate of 16.9%. For the same tax year, IRS enforcement activities, coupled with other late payments, recovered about $65 billion of the gross tax gap, resulting in an estimated net tax gap of $385 billion. The estimated gross tax gap of $450 billion consisted of underreporting of tax liability ($376 billion), nonfiling of tax returns ($28 billion), and underpayment of taxes ($46 billion). (Taxes on illegal activities are excluded from these estimates.) Most of the underreporting of tax liability concerned underreporting of individual income liability ($235 billion). The percentage of individual income that was underreported varied significantly depending on the degree of information reporting and whether or not withholding was required. For the 2006 tax gap estimate, the IRS primarily utilized data from the National Research Program (NRP), which seeks to obtain the optimal balance among research quality, efficiency, and the reduction of taxpayer burden. Estimates of the gross tax gap have been heavily publicized; perhaps as a result, some public officials have emphasized better enforcement of tax laws in order to raise revenue. Three factors affect the dollar amount that can be collected by increased enforcement: some types of unreported income are difficult to detect, some of the detected tax liability cannot be easily collected, and many detected tax liabilities are small relative to enforcement costs. From FY2001 to FY2011, enforcement revenues collected by the IRS increased from $33.8 billion to $55.2 billion. Also from FY2001 to FY2011, IRS staffing for key enforcement occupations rose from 20,203 to 22,184. Over the past four years, the IRS has focused on six strategy priorities: technology modernization, tax return preparers, data analytics, taxpayer service, offshore tax evasion, and workforce job satisfaction. The pursuit of most of these priorities reduces the tax gap. The IRS has put in place the major facets of its tax return preparer initiative. In the 112th Congress, legislation concerning tax compliance has been introduced in the following seven areas: repeal of the 1099 reporting requirement (H.R. 4); identity theft (S. 1534, S. 3432, H.R. 3215, H.R. 3482, and H.R. 6205); free file (S. 1796 and H.R. 2569); contracting (H.R. 829); insurance companies (S. 1693 and H.R. 3157); tax havens (S. 1346, H.R. 2669, S. 2075, and H.R. 3338); and tax avoidance by expatriates (S. 3205).

Download or read book Tax Gap Tax Compliance and Proposed Legislation in the 112th Congress written by James Bickley and published by Createspace Independent Publishing Platform. This book was released on 2012-11-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent and projected large federal budget deficits and the need for revenue offsets under the Pay-As-You-Go Act (PAYGO) have generated congressional interest in the feasibility of increasing revenue by reducing the tax gap. The Internal Revenue Service (IRS) defines the gross tax gap as the difference between the tax liability imposed by law for a given tax year and the amount of tax that taxpayers pay voluntarily and on time for that year. It defines the net tax gap as the amount of the gross tax gap that remains unpaid after all enforced and other late payments are made for the tax year. For tax (calendar) year 2006 (the most recent year for which data are available), the IRS estimated a gross tax gap of $450 billion, equal to a noncompliance rate of 16.9%. For the same tax year, IRS enforcement activities, coupled with other late payments, recovered about $65 billion of the gross tax gap, resulting in an estimated net tax gap of $385 billion. The estimated gross tax gap of $450 billion consisted of underreporting of tax liability ($376 billion), nonfiling of tax returns ($28 billion), and underpayment of taxes ($46 billion). (Taxes on illegal activities are excluded from these estimates.) Most of the underreporting of tax liability concerned underreporting of individual income liability ($235 billion). The percentage of individual income that was underreported varied significantly depending on the degree of information reporting and whether or not withholding was required. For the 2006 tax gap estimate, the IRS primarily utilized data from the National Research Program (NRP), which seeks to obtain the optimal balance among research quality, efficiency, and the reduction of taxpayer burden. Estimates of the gross tax gap have been heavily publicized; perhaps as a result, some public officials have emphasized better enforcement of tax laws in order to raise revenue. Three factors affect the dollar amount that can be collected by increased enforcement: some types of unreported income are difficult to detect, some of the detected tax liability cannot be easily collected, and many detected tax liabilities are small relative to enforcement costs. From FY2001 to FY2011, enforcement revenues collected by the IRS increased from $33.8 billion to $55.2 billion. Also from FY2001 to FY2011, IRS staffing for key enforcement occupations rose from 20,203 to 22,184. Over the past four years, the IRS has focused on six strategy priorities: technology modernization, tax return preparers, data analytics, taxpayer service, offshore tax evasion, and workforce job satisfaction. The pursuit of most of these priorities reduces the tax gap. The IRS has put in place the major facets of its tax return preparer initiative. In the 112th Congress, legislation concerning tax compliance has been introduced in the following seven areas: repeal of the 1099 reporting requirement (H.R. 4); identity theft (S. 1534, S. 3432, H.R. 3215, H.R. 3482, and H.R. 6205); free file (S. 1796 and H.R. 2569); contracting (H.R. 829); insurance companies (S. 1693 and H.R. 3157); tax havens (S. 1346, H.R. 2669, S. 2075, and H.R. 3338); and tax avoidance by expatriates (S. 3205).

Download or read book Tax Gap Tax Compliance and Proposed Legislation in the 112th Congress written by and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Tax Gaps written by Rondell Meinke and published by Nova Science Publishers. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent and projected large federal budget deficits have generated congressional and executive branch interest in increasing revenue by reducing the tax gap. Specific methods for lowering the tax gap may also be used as revenue offsets under the Pay-As-You-Go Act (PAYGO). Other motivations for reducing tax gaps include adverse effects on (1)public trust in the fairness of the tax system, which may adversely affect voluntary compliance with tax laws, and (2) economic efficiency, by providing an incentive for inputs of labour and capital to shift to those sectors of the economy with greater opportunities to evade taxes. This book defines tax gap concepts, explains the methodology used to estimate the tax gap, discusses the relationship between the tax gap and enforcement, explains the Internal Revenue Service's (IRS's) strategic priorities, examines the IRS return pre-payer initiative, and describes proposed legislation in the 112th Congress.

Download or read book Federal Income Taxation in Focus written by Bobby L. Dexter and published by Aspen Publishing. This book was released on 2018-08-17 with total page 1065 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first edition casebook provides a comprehensive introduction to the law of federal income taxation. Coverage includes foundational concepts, core statutory and regulatory provisions, and specialized terminology. Students can use Federal Income Taxation in Focus and its associated materials to build a solid knowledge base and to enhance critical lawyering skills (e.g., comprehending complex rules and presenting persuasive text-based arguments). Because it provides thorough substantive grounding and familiarizes students with practice materials and research tools, the casebook enables students not only to make a meaningful contribution in a clinical setting but also to proceed comfortably to advanced study at the J.D. or L.L.M. level. Key Features: Student-Friendly Pedagogy Introductory Discussion of Topics Case Previews and Post-Case Follow-Ups Real-Life Applications Chapter Summaries Application Problems Federal Income Taxation in Practice Focus on Preparing Students for Practice Embrace of Accessible, Modern-Day Authorities and Landmark Precedent Authorities, Examples, and Exercises Reflect Student, Taxpayer, and Attorney Diversity

Download or read book The Crisis in Tax Administration written by Henry Aaron and published by Rowman & Littlefield. This book was released on 2004-05-20 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: People pay taxes for two reasons. On the positive side, most people recognize, even if grudgingly, that payment of tax is a duty of citizenship. On the negative side, they know that the law requires payment, that evasion is a crime, and that willful failure to pay taxes is punishable by fines or imprisonment. The practical questions for tax administration are how to strengthen each of these motives to comply with the law. How much should be spent on enforcement and how should enforcement be organized to promote these objectives and achieve the best results per dollar spent? Over the last few years, the U.S. Congress has restricted spending on tax administration, forcing the Internal Revenue Service to curtail enforcement activities, at the same time, that the number of individual filers has increased, tax rules have become more complex, and more business have become multinational operations. But if too many cases of tax evasion go undetected and unpunished, those who may have grudgingly paid their taxes may soon find it easier to join the scofflaws. These events in combination have created a genuine crisis in tax administration. The chapters in this volume evaluate the capacity of authorities to enforce the tax laws in a modern, global economy and examine the implications of failing to do so. Specific aspects of tax law, including tax shelters, issues relating to small businesses, tax software, role of tax preparers, and the objectives of tax simplification are examined in detail. The volume also builds a conceptual basis for future scholarship, with regard not only to tax administration, but also to such fundamental questions as whether taxpayers respond mostly to economic incentives or are influenced by their experiences with the filing process and what is the proper framework for evaluating the allocation of resources within the IRS.

Download or read book How Our Laws are Made written by John V. Sullivan and published by . This book was released on 2007 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book US Congress Joint Committee on Taxation Handbook Strategic Information and Regulations written by IBP USA and published by Lulu.com. This book was released on 2007-02-07 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: US Congress Joint Committee on Taxation Handbook

Download or read book The Flat Tax written by Robert E. Hall and published by Hoover Press. This book was released on 2013-09-01 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new and updated edition of The Flat Tax—called "the bible of the flat tax movement" by Forbes—explains what's wrong with our present tax system and offers a practical alternative. Hall and Rabushka set forth what many believe is the most fair, efficient, simple, and workable tax reform plan on the table: tax all income, once only, at a uniform rate of 19 percent.

Download or read book Congressional Record written by United States. Congress and published by . This book was released on 1971 with total page 1380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)

Download or read book Report on the Legislative and Oversight Activities of the Committee on Ways and Means During the Congress written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 2011 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Politics Industry written by Katherine M. Gehl and published by Harvard Business Press. This book was released on 2020-06-23 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Leading political innovation activist Katherine Gehl and world-renowned business strategist Michael Porter bring fresh perspective, deep scholarship, and a real and actionable solution, Final Five Voting, to the grand challenge of our broken political and democratic system. Final Five Voting has already been adopted in Alaska and is being advanced in states across the country. The truth is, the American political system is working exactly how it is designed to work, and it isn't designed or optimized today to work for us—for ordinary citizens. Most people believe that our political system is a public institution with high-minded principles and impartial rules derived from the Constitution. In reality, it has become a private industry dominated by a textbook duopoly—the Democrats and the Republicans—and plagued and perverted by unhealthy competition between the players. Tragically, it has therefore become incapable of delivering solutions to America's key economic and social challenges. In fact, there's virtually no connection between our political leaders solving problems and getting reelected. In The Politics Industry, business leader and path-breaking political innovator Katherine Gehl and world-renowned business strategist Michael Porter take a radical new approach. They ingeniously apply the tools of business analysis—and Porter's distinctive Five Forces framework—to show how the political system functions just as every other competitive industry does, and how the duopoly has led to the devastating outcomes we see today. Using this competition lens, Gehl and Porter identify the most powerful lever for change—a strategy comprised of a clear set of choices in two key areas: how our elections work and how we make our laws. Their bracing assessment and practical recommendations cut through the endless debate about various proposed fixes, such as term limits and campaign finance reform. The result: true political innovation. The Politics Industry is an original and completely nonpartisan guide that will open your eyes to the true dynamics and profound challenges of the American political system and provide real solutions for reshaping the system for the benefit of all. THE INSTITUTE FOR POLITICAL INNOVATION The authors will donate all royalties from the sale of this book to the Institute for Political Innovation.

Download or read book Income Averaging written by United States. Internal Revenue Service and published by . This book was released on 1985 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Vital Statistics on Congress 1991 1992 written by Norman J. Ornstein and published by CQ-Roll Call Group Books. This book was released on 1991-09 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Budget options written by United States. Congressional Budget Office and published by . This book was released on 1977 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Political Status of Puerto Rico written by Keith Bea and published by DIANE Publishing. This book was released on 2010-10 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments: 111th, 110th, 109th Congress; Non-Congress. Developments; (2) Background: Early Governance of Puerto Rico (PR); Development of the Const. of PR; Fed. Relations Act; Internat. Attention; Supreme Court Decisions; (3) Status Debates and Votes, 1952-1998: 1967 Plebiscite; 1991 Referendum; 1993 Plebiscite; 1998 Action in the 105th Cong.; 1998 Plebiscite; (4) Fed. Activity After 1998; (5) Issues of Debate on Political Status. Appendices: (A) Brief Chronology of Status Events Since 1898; (B) Puerto Rico Status Votes in Plebiscites and Referenda, 1967-1998; (C)Congress. Activity on Puerto Rico¿s Political Status, 1989-1998; (D) Summary of Legislative Debates and Actions. Tables.

Download or read book A Vision for a New IRS written by Bob Kerrey and published by DIANE Publishing. This book was released on 1998-04 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been over 40 years since Congress and the President have considered significant reforms to the IRS. With this report, once again there is an opportunity to overhaul the IRS and transform it into an efficient, modern, and responsive agency. Presents an integrated approach to changes geared toward making the IRS more user friendly by addressing: congressional oversight, executive branch governance, IRS management and budget; workforce and culture; IRS strategic objectives: customer service, compliance, and efficiency gains; modernization; electronic filing; tax law simplification; taxpayer rights; and financial accountability.