IRS Remit Continues To Expand
The United States Internal Revenue Service is more often vilified than it is complimented. So when it does receive a rare piece of praise, it is worth pointing out. Apparently, the agency had a pretty good 2016 filing season, according to the mid-year report delivered to Congress by National Taxpayer Advocate Nina Olson on July 7. As you’d expect, though, there is considerable room for improvement; reportedly, more than 25 percent of telephone enquiries to the IRS still go unanswered, many taxpayers remain baffled by a nightmarish tax code, and rates of fraud and error are still unacceptably high.
However, in the IRS’s defense, it doesn’t make the rules, Congress does; nor, most likely, does it ask to do more with less. But Congress and the Administration routinely demand this, in the knowledge that the agency’s ever-expanding remit is stretching it to breaking point. Yet, the IRS’s remit continues to expand. The agency was handed the task of Obamacare, and now has FATCA to contend with. And even more international enforcement programs are in the pipeline, promising to produce a mountain of information to be sifted through, like CbC reporting, and the Common Reporting Standard.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look