Recovery Act: IRS quickly implemented tax provisions, but reporting and enforcement improvements are needed : report to congressional addressees.

Recovery Act: IRS quickly implemented tax provisions, but reporting and enforcement improvements are needed : report to congressional addressees.

by U.S. Government Accountability Office

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Overview

Recovery Act: IRS quickly implemented tax provisions, but reporting and enforcement improvements are needed : report to congressional addressees. by U.S. Government Accountability Office

"The American Recovery and Reinvestment Act of 2009 (Recovery Act), was enacted to bolster the struggling U.S. economy at an estimated cost of $787 billion, of which more than a third was in the form of tax relief to the public.
This report (1) describes the status of the Internal Revenue Service's (IRS) implementation of Recovery Act tax provisions; (2) examines whether IRS captured or planned to capture data on the use of the provisions; (3) assesses IRS's efforts to determine potential abuse of the provisions; and (4) discusses possible lessons learned for future tax administration. GAO analyzed IRS's implementation and data-collection plans for each provision; reviewed IRS and Department of the Treasury (Treasury) risk-management documents; interviewed federal and industry officials; and focused on five provisions implemented in 2009: Build America Bonds (BAB), Consolidated Omnibus Budget Reconciliation Act (COBRA), First-Time Homebuyer Credit (FTHBC), Making Work Pay Credit, and Net Operating Loss carrybacks.
"

Product Details

ISBN-13: 9781974550692
Publisher: CreateSpace Publishing
Publication date: 08/17/2017
Pages: 64
Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

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