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Thursday, December 10, 2009

Interesting Tax Reports of 2009

Every year, the federal governments issues lots of interesting reports. They are from the GAO, CBO, Joint Committee on Taxation, Treasury Inspector General For Tax Administration (TIGTA), National Taxpayer Advocate, and Congressional Research Service. It is far to much to read - but hopefully, Congress is reading them because many point out problems in the law and often have suggestions on how to fix them. Sometimes, the recommendations are for the IRS.

Here is an example of an interesting (alarming) finding from a report by TIGTA of August 2009: A good number of individuals receiving a Form 1098 on mortgage interest expense are non-filers or reporting less income than would support the mortgage interest amount. TIGTA estimates that roughly 136,000 taxpayers likely owe about $1.4 billion and recommended that the IRS make better use of Form 1098 in finding non-compliance.

For a link to that report and a summary of several other interesting reports, I've got a short article in the AICPA Tax Insider this month - here.

What do you think? Any other government taxation report you'd like to note? Thanks.

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