Published May 12. 2021 5:54AM
Laura Davison, Bloomberg News
WASHINGTON The U.S. Internal Revenue Service needs additional tools beyond audits to find individuals and businesses that are underpaying their federal tax bills, a former commissioner of the agency told a congressional panel on Tuesday.
“Simply scaling up what the IRS does today will not produce the desired results,” Charles Rossotti said at a Senate Finance subcommittee hearing. “As important as audits are, currently, all of IRS audit activity only recovers about 2.5% of the tax gap.”
Rossotti, who was IRS commissioner from 1997-2002, said the agency requires more information about bank account flows for high-income taxpayers and upgraded computer systems that could process that data. That would help find income that’s earned through pass-through entities, such as partnerships, where there isn’t strong third-party reporting and taxpayers can more easily hide their money, he said.
WE alway remember one Labour candidate telling us how he put on weight whist standing in Orsett. It was all the cake the good ladies of Orsett, Bulphan and Horndon-on-the-Hill would give to him, when he came round. Of course, even though they agreed with many things he said, they naturally were voting Conservative.
So it will not be earth shattering news that we predict Sue Little will be re-elected.
There was a time when UKIP polled over 700 votes here but Sue has seen them off.
We are sure Sue and hard working Barry Johnson will have done the hard yards around Orsett.
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MINNEAPOLIS â Former Minneapolis Officer Derek Chauvin was convicted Tuesday of murder and manslaughter for pinning George Floyd to the pavement with his knee on the Black manâs neck in a case that triggered worldwide protests, violence and a furious reexamination of racism and policing in the U.S. More Headlines