Posts Tagged ‘tax gap’
IRS Relieves Businesses from Reconciliation Requirements
Many businesses are thankful for the IRS response to concerns over 1099-K reconciliation requirements. As a part of the Housing and Economic Recovery Act of 2008, companies were required to explain any disparities between their records of payment card transactions with what the payment card
Fumbling Forecasts: From the Super Bowl to Tax Time
Predictions are a tricky thing to do. Take Super Bowl XLVI for example. Scores of fans got their pick wrong, and that’s with a minimum 50-50 chance. On the flip side, many predicted the New York Giants would win, but was it for the right reasons? Most of these fortune tellers probably
Current Economics’ Magnifying Effect on Tax Gap Problem
One way the IRS is trying to better our $450 billion tax gap is through stricter tax information reporting requirements. Besides honing in on foreign reporting rules, there are also two new forms that have added further complexities to the 2011 tax season: Form 8949 (Sales and Other
Frequent Flier Mile “Gifts” are Considered Taxable Income
Many Citibank customers were recently confused and shocked to learn that the frequent flier miles they received for opening a checking or savings account with Citibank last year were actually considered taxable income, after receiving the 1099-MISC form in the mail. Much of the confusion stems
Tax Gap as a Contributor to the Budget Deficit
So far, we have explained that the tax gap, according to recent data, has increased to $450 billion. We’ve also compared this to the national budget deficit in 2006, which was $248 billion. To try and counteract these numbers the IRS has been forced to cut their budget, to $11.8 billion,
Delving Deeper into the Tax Gap Details
We all just can’t stop talking about the tax gap – but with good reason. Considering the difference in what is owed to the IRS, and what they actually collected in 2006 has increased 30% over five years, to $450 billion; it’s definitely something to talk about. Additionally,
Convey Featured in Star Tribune Tax Gap Article
In an article featured in the Star Tribune, Neal St. Anthony writes further about the tax gap, the IRS’ continuing efforts to close it, and Convey’s role in the current tax environment. From our previous blog post, we all know the tax gap number has increased, nearing $450 billion
Proof the IRS Has Reason to Change Information Reporting: New Tax Gap Number Released
The IRS recently released new tax gap data showing what many of us following the subject would have expected – the tax gap growing. And this new data is getting national attention. By way of background, the tax gap is the difference between what taxes should be collected and what the IRS