The document summarizes the accomplishments and strategic priorities of the IRS Commissioner Doug Shulman during his nearly 5-year term. It discusses efforts to combat offshore tax evasion which have resulted in $5.5 billion in back taxes paid, transforming relationships with corporate taxpayers, modernizing IRS technology including daily tax account processing, regulating tax preparers, leveraging data analytics, improving customer service satisfaction to 73%, and achieving $1 billion in budget savings. The Commissioner focuses on international tax compliance, taxpayer service, and supporting other policy objectives.
The document discusses how the tax world is undergoing rapid transformation driven by factors like globalization, the digital economy, and new technologies. It notes that tax departments now find themselves disrupted and must innovate to keep up. The future of tax will be digital and data-driven, with tax authorities already adopting technologies to improve collection. Companies now face pressure to be more technologically advanced and data-focused to respond quickly to changing tax laws and authorities' increasing use of real-time data. Those who can leverage data analytics and new technologies will be best positioned to benefit and adapt to this era of ongoing innovation in tax.
The document discusses issues around corporate tax reform and inversions in the US. It notes that while politicians call for action, comprehensive tax reform is unlikely before or just after the 2016 election. Temporary measures may not stop companies moving to lower tax countries. The IRS is seeking more data to enforce current laws and prepare for potential future reforms from studies on base erosion and profit shifting. Multinational companies should prepare to react to potential upcoming changes to tax laws.
The document proposes replacing current personal and corporate income, sales, excise, and other taxes with a single Automated Payment Transaction (APT) tax. The APT tax would be a flat tax on all transactions assessed automatically through the banking system. It introduces progressivity through the tax base since wealthy individuals carry out a disproportionate share of transactions. Estimates suggest replacing $1.36 trillion in tax revenue could be done with a 0.3% APT tax rate per transaction. While it may reduce some distortions, it could also create new ones like incentives to minimize transactions. Overall the proposal argues it could increase efficiency and fairness while reducing administration costs.
Comprehensive_Tax_Reform_in_California_A_Contextual_Framework_06_16Dr. I. Angelov Farooq
This document provides a summary and analysis of California's current tax system. It discusses four key characteristics: volatility, predictability, sufficiency, and progressivity. The current system is highly volatile as it relies heavily on personal income taxes, which are more sensitive to economic swings than other taxes like sales and property taxes. Revenues are also difficult to predict accurately. While the tax structure currently generates sufficient revenue, it may not keep pace with rising state costs. The system is progressive, with tax burden increasing as income rises. Reform aims to improve fiscal management and encourage economic growth by addressing these issues.
State Tax Issues for Services and Service Businesses (2015-03-06)Timothy Noonan
This document summarizes a presentation on state tax issues for service businesses. It discusses topics like jurisdictional nexus, economic nexus, types of potential state taxes, and apportionment issues. It provides examples of how physical presence or economic activity in a state can create nexus for income tax purposes. It also explains how multi-factor apportionment formulas work and challenges in applying factors like payroll and sales to service businesses.
The document discusses Nevada's struggle to fund its government as its reliance on tourism and gambling revenues is no longer sufficient. It introduced the Nevada Commerce Tax enacted in 2015 to address budget shortfalls, which is similar to a margin tax proposal voters rejected in 2014. The tax faces legal challenges for ignoring the will of the voters. The Modified Business Tax implemented in 2003 also does not fully solve Nevada's fiscal problems on its own.
Steven Rattner testified before the Senate Finance Committee on the need for tax reform. He argued that the tax code has deteriorated without reform in over 30 years, allowing lawyers and accountants to legally ease tax burdens for their wealthy clients. For example, the 400 highest income Americans saw their tax rate drop from 30% to 17% from 1995 to 2012 due largely to low capital gains and dividend rates. Rattner advocated achieving greater fairness and revenue by reducing the number of tax rates, eliminating special treatment of capital gains and dividends, and reducing loopholes that disproportionately benefit the wealthy.
The document discusses how the tax world is undergoing rapid transformation driven by factors like globalization, the digital economy, and new technologies. It notes that tax departments now find themselves disrupted and must innovate to keep up. The future of tax will be digital and data-driven, with tax authorities already adopting technologies to improve collection. Companies now face pressure to be more technologically advanced and data-focused to respond quickly to changing tax laws and authorities' increasing use of real-time data. Those who can leverage data analytics and new technologies will be best positioned to benefit and adapt to this era of ongoing innovation in tax.
The document discusses issues around corporate tax reform and inversions in the US. It notes that while politicians call for action, comprehensive tax reform is unlikely before or just after the 2016 election. Temporary measures may not stop companies moving to lower tax countries. The IRS is seeking more data to enforce current laws and prepare for potential future reforms from studies on base erosion and profit shifting. Multinational companies should prepare to react to potential upcoming changes to tax laws.
The document proposes replacing current personal and corporate income, sales, excise, and other taxes with a single Automated Payment Transaction (APT) tax. The APT tax would be a flat tax on all transactions assessed automatically through the banking system. It introduces progressivity through the tax base since wealthy individuals carry out a disproportionate share of transactions. Estimates suggest replacing $1.36 trillion in tax revenue could be done with a 0.3% APT tax rate per transaction. While it may reduce some distortions, it could also create new ones like incentives to minimize transactions. Overall the proposal argues it could increase efficiency and fairness while reducing administration costs.
Comprehensive_Tax_Reform_in_California_A_Contextual_Framework_06_16Dr. I. Angelov Farooq
This document provides a summary and analysis of California's current tax system. It discusses four key characteristics: volatility, predictability, sufficiency, and progressivity. The current system is highly volatile as it relies heavily on personal income taxes, which are more sensitive to economic swings than other taxes like sales and property taxes. Revenues are also difficult to predict accurately. While the tax structure currently generates sufficient revenue, it may not keep pace with rising state costs. The system is progressive, with tax burden increasing as income rises. Reform aims to improve fiscal management and encourage economic growth by addressing these issues.
State Tax Issues for Services and Service Businesses (2015-03-06)Timothy Noonan
This document summarizes a presentation on state tax issues for service businesses. It discusses topics like jurisdictional nexus, economic nexus, types of potential state taxes, and apportionment issues. It provides examples of how physical presence or economic activity in a state can create nexus for income tax purposes. It also explains how multi-factor apportionment formulas work and challenges in applying factors like payroll and sales to service businesses.
The document discusses Nevada's struggle to fund its government as its reliance on tourism and gambling revenues is no longer sufficient. It introduced the Nevada Commerce Tax enacted in 2015 to address budget shortfalls, which is similar to a margin tax proposal voters rejected in 2014. The tax faces legal challenges for ignoring the will of the voters. The Modified Business Tax implemented in 2003 also does not fully solve Nevada's fiscal problems on its own.
Steven Rattner testified before the Senate Finance Committee on the need for tax reform. He argued that the tax code has deteriorated without reform in over 30 years, allowing lawyers and accountants to legally ease tax burdens for their wealthy clients. For example, the 400 highest income Americans saw their tax rate drop from 30% to 17% from 1995 to 2012 due largely to low capital gains and dividend rates. Rattner advocated achieving greater fairness and revenue by reducing the number of tax rates, eliminating special treatment of capital gains and dividends, and reducing loopholes that disproportionately benefit the wealthy.
Margins tax stirs concern among small businesses and organizationsTexasdude111
The document summarizes concerns from small business owners and organizations about Texas's new margins tax, which replaced the previous franchise tax. The National Federation of Independent Business (NFIB) argues the tax will negatively impact many small businesses by increasing their tax burden significantly compared to before. While supporters argue it broadens the tax base, the NFIB is calling for reforms like raising the small business exemption amount to provide more relief for small companies. Whether any changes will be made is uncertain as it requires calling a special legislative session.
Original air date: Feb. 9, 2017
Rebroadcast and recording information at http://www.mhmcpa.com
Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. Our free, quarterly webinars provide insight to help prepare you for the tax developments of the most interest to you, your business and other interested stakeholders.
Our Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance and healthcare reform, topics covered will provide the up-to-date information you need to help you plan for the future.
Receiving a notice from the Internal Revenue Service is
usually no cause for alarm. Every year the IRS sends millions
of letters and notices to taxpayers. In the event one
shows up in your mailbox, here are ten things you should
know.
With Republicans controlling both chambers of Congress and the Presidency, it is reasonable to expect that traditional Republican policy priorities will be enacted. One prominent priority is comprehensive tax reform that significantly lowers the corporate tax rate.
Executive summary Managing indirect tax controversy
- Indirect taxes like VAT, GST and customs duties have risen in importance for businesses and are a growing focus for tax authorities.
- Businesses face increased scrutiny of indirect tax compliance from authorities, media and the public. Errors can lead to large tax assessments and damage reputations.
- Managing indirect tax controversy effectively, including dealing with audits and disputes, requires a strategic, integrated approach across the business. It is important for businesses to avoid issues becoming subjects of tax disputes.
2014 CCH National User Conference: State Tax Issues for Services CompaniesTimothy Noonan
This document summarizes Timothy P. Noonan's presentation on state tax issues for services and service businesses. It discusses nexus issues, including physical presence nexus and economic nexus. It also covers income tax issues such as apportionment, personal income taxes, and payroll withholding. Finally, it addresses sales tax issues and which services are typically subject to sales tax.
This document is a newsletter from First National Wealth Management that contains several articles:
1. It discusses strong corporate profits in the last quarter of 2013 and expectations for continued profit growth in 2014, though slower overall economic growth is expected.
2. It provides an update on interest rates from Federal Reserve Chair Janet Yellen, who signaled rates will remain low for some time to support the economy.
3. It summarizes a recent tax court ruling that clarified the one-year rule for tax-free IRA rollovers applies per taxpayer rather than per IRA, as the IRS publication had stated. This will result in changes to IRS guidance.
- The document discusses the tax plans and proposals of the two major US presidential candidates, Donald Trump and Hillary Clinton, and how their plans could impact high net worth individuals.
- Trump proposes compressing the individual income tax brackets and increasing standard deductions. Clinton proposes keeping the existing brackets and creating new, higher brackets for top earners to pay for new programs.
- Both candidates propose some new tax benefits for families to offset reductions in other deductions, but they differ in their approaches to individual tax rates and deductions.
This document provides an overview and analysis of issues facing small businesses in Canada from the perspective of Paul Young, a CPA and small business expert. It discusses several policy changes by the Liberal government that negatively impact small businesses, including increases to minimum wage, hydro rates, carbon taxation, CPP premiums, and proposed changes to small business taxation and income sprinkling rules. Young argues these changes have increased costs and regulatory burdens for small businesses. The document also examines declining business confidence in Canada and issues facing the government in trying to balance services and taxation.
This article was written by Natasha Sarin, Deputy Assistant Secretary for Economic Policy,
and was posted on the US Department of the Treasury website on October 14, 2021.
Original air date: May 15, 2018
Recording available at http://www.mhmcpa.com
Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. Our free, quarterly webinars provide insight to help prepare you for the tax developments of the most interest to you, your business and other interested stakeholders.
Our Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance and healthcare reform, topics covered will provide the up-to-date information you need to help you plan for the future.
Original air date: Oct. 26, 2017
Rebroadcast and recording info at http://www.mhmcpa.com
Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. Our free, quarterly webinars provide insight to help prepare you for the tax developments of the most interest to you, your business and other interested stakeholders.
Our Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance and healthcare reform, topics covered will provide the up-to-date information you need to help you plan for the future.
Economists See Clouds in the Silver LiningYardi Matrix
Download the full report: https://goo.gl/5jwDS5
At a time when optimism is rampant in the real estate industry, and the stock market is near all-time highs after a massive run-up, economists lived up to their billing as dismal scientists at the National Association of Business Economists (NABE) annual policy conference in Washington, D.C., last week.
Although the immediate state of the economy is healthy, economists lamented the country’s long-term fiscal situation, recently made worse by the tax reform passed by Congress. They were also pessimistic about the prospects for policy solutions, which include prudent immigration reform and fewer—not more—restrictions on global trade, given the growing populism that is producing an electorate with increasingly polarized views in the U.S. and Europe.
“I’m concerned that the political system has not come to grips with sensible fiscal policy,” said Alice Rivlin, a senior fellow at the Brookings Institution and former vice chair of the Federal Reserve and director of the White House Office of Management and Budget.
The document summarizes key changes to the US tax code under the Tax Cuts and Jobs Act of 2017. Some of the major changes include: lowering federal income tax rates, doubling the standard deduction, capping state and local tax deductions at $10,000, limiting mortgage interest deductions to loans of $750,000 or less, suspending miscellaneous itemized deductions, doubling the estate and gift tax exemption, and providing a new 20% deduction for qualified business income for many small businesses. The presentation also provides tips on tax planning opportunities in light of the new laws.
Filling out tax forms and finding perfect tax help is getting more complicated every year. With this flip book, I published on my website http://www.ferrettafinancialservices.com/Time-to-Get-Tax-Savvy-Managing-Your-Tax-Burden.c5889.htm . I had given some help to you.
The document discusses 4 obstacles that prevent people from reaching their financial objectives: 1) inflation and limited income, 2) high taxes, 3) high debt, and 4) lack of financial knowledge. It also notes that most people try to earn more money to solve financial problems, but raises show inflation can outpace raises, preventing people from getting ahead. The document advocates shifting to being a 1099 business owner to take advantage of tax deductions not available to W2 employees to help improve one's financial situation.
The document discusses financial well-being and how it is defined by the Consumer Financial Protection Bureau. Financial well-being has four key components: having control over day-to-day finances, having the capacity to absorb financial shocks, being on track to meet financial goals, and having financial freedom to enjoy life. The document focuses on the first two components - having control over finances and absorbing financial shocks. It emphasizes the importance of an emergency fund and having a back-up plan for income to be prepared for unexpected expenses and job loss.
The document discusses President Obama's 2014 budget proposal which includes limiting high-income taxpayers' deductions, including the deduction for municipal bond interest income, to 28% of income. While this could negatively impact municipal bond prices in the short-term, the long-term impact is expected to be minimal as most municipal bond holders are not high-income taxpayers and municipal bonds still offer competitive yields compared to taxable bonds. Historically, similar tax changes have had little impact on municipal bond values as tax benefits remained attractive for many investors. The document recommends that municipal bond investors maintain a long-term perspective and diversified portfolio strategy.
Top 5 Sales and Use Tax Filing Challenges for ManufacturersSovos
In this Tax Tuesday webinar, Sovos tax compliance experts Antonio Di Benedetto and Ashley Brody address the complex requirements manufacturers face with sales and use tax filing. This one-hour webinar aired on February 14, 2017.
Who should watch:
- Tax managers
- Finance managers
- Accounts payable professionals
- IT systems professionals who support tax compliance
What you will learn:
- Trends impacting manufacturers that are complicating the tax compliance and filing process.
- Typical sales and use tax processes that lead to filing errors, inefficiency and audit risk.
- How to leverage technology to improve and scale your process to stay ahead of surprises, incorrect filing and unplanned costs.
Everyone is talking about learning management systemsDenise Krefting
This document discusses learning management systems (LMS) and the features of the AEA PD Online LMS. It defines an LMS as software or web-based technology used to plan, implement, and assess learning by allowing instructors to create and deliver content and track student participation and performance. The AEA PD Online LMS is free for participating schools and provides training/support, a place for teachers to share resources and online content, and access to educational resources through single sign-on with a Google account. It allows features like conditional activities, audio/video, forums, quizzes, and rubric-based grading to customize online courses.
This document summarizes the KIAC 2014 International Arbitration Conference held in Kigali, Rwanda from May 25-27, 2014. Over 150 arbitration professionals from 18 countries convened to discuss emerging issues in international arbitration and what a new arbitral seat like KIAC can anticipate. The conference was organized by the Kigali International Arbitration Centre and included panels on topics such as emergency arbitration, multi-party arbitration, dealing with tactics in arbitration, awarding damages, third-party funding, appointing arbitrators, arbitral awards, and the influence of legal systems. The conference provided a platform for knowledge sharing and networking among arbitration practitioners.
Este trabajo está realizado con el fin de presentar a la comunidad un producto innovador, que consiste en una deliciosa y saludable mermelada a base de yuca el cual se puede llegar a convertir en una excelente alternativa para aquellas personas que buscan una buena nutrición en su cuerpo.
Margins tax stirs concern among small businesses and organizationsTexasdude111
The document summarizes concerns from small business owners and organizations about Texas's new margins tax, which replaced the previous franchise tax. The National Federation of Independent Business (NFIB) argues the tax will negatively impact many small businesses by increasing their tax burden significantly compared to before. While supporters argue it broadens the tax base, the NFIB is calling for reforms like raising the small business exemption amount to provide more relief for small companies. Whether any changes will be made is uncertain as it requires calling a special legislative session.
Original air date: Feb. 9, 2017
Rebroadcast and recording information at http://www.mhmcpa.com
Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. Our free, quarterly webinars provide insight to help prepare you for the tax developments of the most interest to you, your business and other interested stakeholders.
Our Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance and healthcare reform, topics covered will provide the up-to-date information you need to help you plan for the future.
Receiving a notice from the Internal Revenue Service is
usually no cause for alarm. Every year the IRS sends millions
of letters and notices to taxpayers. In the event one
shows up in your mailbox, here are ten things you should
know.
With Republicans controlling both chambers of Congress and the Presidency, it is reasonable to expect that traditional Republican policy priorities will be enacted. One prominent priority is comprehensive tax reform that significantly lowers the corporate tax rate.
Executive summary Managing indirect tax controversy
- Indirect taxes like VAT, GST and customs duties have risen in importance for businesses and are a growing focus for tax authorities.
- Businesses face increased scrutiny of indirect tax compliance from authorities, media and the public. Errors can lead to large tax assessments and damage reputations.
- Managing indirect tax controversy effectively, including dealing with audits and disputes, requires a strategic, integrated approach across the business. It is important for businesses to avoid issues becoming subjects of tax disputes.
2014 CCH National User Conference: State Tax Issues for Services CompaniesTimothy Noonan
This document summarizes Timothy P. Noonan's presentation on state tax issues for services and service businesses. It discusses nexus issues, including physical presence nexus and economic nexus. It also covers income tax issues such as apportionment, personal income taxes, and payroll withholding. Finally, it addresses sales tax issues and which services are typically subject to sales tax.
This document is a newsletter from First National Wealth Management that contains several articles:
1. It discusses strong corporate profits in the last quarter of 2013 and expectations for continued profit growth in 2014, though slower overall economic growth is expected.
2. It provides an update on interest rates from Federal Reserve Chair Janet Yellen, who signaled rates will remain low for some time to support the economy.
3. It summarizes a recent tax court ruling that clarified the one-year rule for tax-free IRA rollovers applies per taxpayer rather than per IRA, as the IRS publication had stated. This will result in changes to IRS guidance.
- The document discusses the tax plans and proposals of the two major US presidential candidates, Donald Trump and Hillary Clinton, and how their plans could impact high net worth individuals.
- Trump proposes compressing the individual income tax brackets and increasing standard deductions. Clinton proposes keeping the existing brackets and creating new, higher brackets for top earners to pay for new programs.
- Both candidates propose some new tax benefits for families to offset reductions in other deductions, but they differ in their approaches to individual tax rates and deductions.
This document provides an overview and analysis of issues facing small businesses in Canada from the perspective of Paul Young, a CPA and small business expert. It discusses several policy changes by the Liberal government that negatively impact small businesses, including increases to minimum wage, hydro rates, carbon taxation, CPP premiums, and proposed changes to small business taxation and income sprinkling rules. Young argues these changes have increased costs and regulatory burdens for small businesses. The document also examines declining business confidence in Canada and issues facing the government in trying to balance services and taxation.
This article was written by Natasha Sarin, Deputy Assistant Secretary for Economic Policy,
and was posted on the US Department of the Treasury website on October 14, 2021.
Original air date: May 15, 2018
Recording available at http://www.mhmcpa.com
Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. Our free, quarterly webinars provide insight to help prepare you for the tax developments of the most interest to you, your business and other interested stakeholders.
Our Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance and healthcare reform, topics covered will provide the up-to-date information you need to help you plan for the future.
Original air date: Oct. 26, 2017
Rebroadcast and recording info at http://www.mhmcpa.com
Administrative, legislative and judicial updates emerge from Washington each quarter that may affect your business. Our free, quarterly webinars provide insight to help prepare you for the tax developments of the most interest to you, your business and other interested stakeholders.
Our Eye on Washington webinars assist CEOs, CFOs, financial executives and advisors, and other interested parties in navigating the complex tax environment. From federal tax reform to IRS guidance and healthcare reform, topics covered will provide the up-to-date information you need to help you plan for the future.
Economists See Clouds in the Silver LiningYardi Matrix
Download the full report: https://goo.gl/5jwDS5
At a time when optimism is rampant in the real estate industry, and the stock market is near all-time highs after a massive run-up, economists lived up to their billing as dismal scientists at the National Association of Business Economists (NABE) annual policy conference in Washington, D.C., last week.
Although the immediate state of the economy is healthy, economists lamented the country’s long-term fiscal situation, recently made worse by the tax reform passed by Congress. They were also pessimistic about the prospects for policy solutions, which include prudent immigration reform and fewer—not more—restrictions on global trade, given the growing populism that is producing an electorate with increasingly polarized views in the U.S. and Europe.
“I’m concerned that the political system has not come to grips with sensible fiscal policy,” said Alice Rivlin, a senior fellow at the Brookings Institution and former vice chair of the Federal Reserve and director of the White House Office of Management and Budget.
The document summarizes key changes to the US tax code under the Tax Cuts and Jobs Act of 2017. Some of the major changes include: lowering federal income tax rates, doubling the standard deduction, capping state and local tax deductions at $10,000, limiting mortgage interest deductions to loans of $750,000 or less, suspending miscellaneous itemized deductions, doubling the estate and gift tax exemption, and providing a new 20% deduction for qualified business income for many small businesses. The presentation also provides tips on tax planning opportunities in light of the new laws.
Filling out tax forms and finding perfect tax help is getting more complicated every year. With this flip book, I published on my website http://www.ferrettafinancialservices.com/Time-to-Get-Tax-Savvy-Managing-Your-Tax-Burden.c5889.htm . I had given some help to you.
The document discusses 4 obstacles that prevent people from reaching their financial objectives: 1) inflation and limited income, 2) high taxes, 3) high debt, and 4) lack of financial knowledge. It also notes that most people try to earn more money to solve financial problems, but raises show inflation can outpace raises, preventing people from getting ahead. The document advocates shifting to being a 1099 business owner to take advantage of tax deductions not available to W2 employees to help improve one's financial situation.
The document discusses financial well-being and how it is defined by the Consumer Financial Protection Bureau. Financial well-being has four key components: having control over day-to-day finances, having the capacity to absorb financial shocks, being on track to meet financial goals, and having financial freedom to enjoy life. The document focuses on the first two components - having control over finances and absorbing financial shocks. It emphasizes the importance of an emergency fund and having a back-up plan for income to be prepared for unexpected expenses and job loss.
The document discusses President Obama's 2014 budget proposal which includes limiting high-income taxpayers' deductions, including the deduction for municipal bond interest income, to 28% of income. While this could negatively impact municipal bond prices in the short-term, the long-term impact is expected to be minimal as most municipal bond holders are not high-income taxpayers and municipal bonds still offer competitive yields compared to taxable bonds. Historically, similar tax changes have had little impact on municipal bond values as tax benefits remained attractive for many investors. The document recommends that municipal bond investors maintain a long-term perspective and diversified portfolio strategy.
Top 5 Sales and Use Tax Filing Challenges for ManufacturersSovos
In this Tax Tuesday webinar, Sovos tax compliance experts Antonio Di Benedetto and Ashley Brody address the complex requirements manufacturers face with sales and use tax filing. This one-hour webinar aired on February 14, 2017.
Who should watch:
- Tax managers
- Finance managers
- Accounts payable professionals
- IT systems professionals who support tax compliance
What you will learn:
- Trends impacting manufacturers that are complicating the tax compliance and filing process.
- Typical sales and use tax processes that lead to filing errors, inefficiency and audit risk.
- How to leverage technology to improve and scale your process to stay ahead of surprises, incorrect filing and unplanned costs.
Everyone is talking about learning management systemsDenise Krefting
This document discusses learning management systems (LMS) and the features of the AEA PD Online LMS. It defines an LMS as software or web-based technology used to plan, implement, and assess learning by allowing instructors to create and deliver content and track student participation and performance. The AEA PD Online LMS is free for participating schools and provides training/support, a place for teachers to share resources and online content, and access to educational resources through single sign-on with a Google account. It allows features like conditional activities, audio/video, forums, quizzes, and rubric-based grading to customize online courses.
This document summarizes the KIAC 2014 International Arbitration Conference held in Kigali, Rwanda from May 25-27, 2014. Over 150 arbitration professionals from 18 countries convened to discuss emerging issues in international arbitration and what a new arbitral seat like KIAC can anticipate. The conference was organized by the Kigali International Arbitration Centre and included panels on topics such as emergency arbitration, multi-party arbitration, dealing with tactics in arbitration, awarding damages, third-party funding, appointing arbitrators, arbitral awards, and the influence of legal systems. The conference provided a platform for knowledge sharing and networking among arbitration practitioners.
Este trabajo está realizado con el fin de presentar a la comunidad un producto innovador, que consiste en una deliciosa y saludable mermelada a base de yuca el cual se puede llegar a convertir en una excelente alternativa para aquellas personas que buscan una buena nutrición en su cuerpo.
This document is a resume for Denise Ranno that outlines her professional experience and education. It details her past roles as a senior leasing support coordinator, corporate governance paralegal, investigation paralegal, legal associate/paralegal, and contract specialist/foreign local national administrator. In these roles, she prepared various legal documents, maintained databases and records, ensured regulatory compliance, and provided support to legal teams. She has nearly 25 years of legal experience and is currently pursuing an associate's degree in paralegal studies with a 3.6 GPA.
Este documento presenta el concepto de "UP", que promueve despertar la necesidad de renacer, generar energía extraordinaria, elevar el estado de conciencia, unir emocionalmente a los equipos y crear imágenes positivas del futuro. Se recomienda practicar yoga, soñar, confiar en uno mismo, sentir alegría, placer y conexión con los demás para alcanzar un bienestar general. La vida es una fiesta eterna en la que debemos bailar.
The document discusses how people consume content on mobile devices now versus in the past. It notes that in the past, people would stop to view content, but now they view content continuously without stopping as they are always connected through their mobile devices. It encourages people to start learning about mobility by simply starting to use their mobile devices to explore all the interactive capabilities that are now possible through mobile that were not in the past, like sharing, buying, chatting, and more.
Product manager sales manager (For Industrial Tools & Heavy Equipment Oil & G...AHTASHAM AHMAD AHMAD
Ahtasham Ahmad is applying for a sales manager or engineer position dealing with industrial tools and heavy equipment for the oil and gas industry. He has over 15 years of experience in sales and product management roles in Saudi Arabia and India, managing a wide variety of industrial products. His experience includes developing marketing strategies, maintaining customer relationships, and achieving sales targets. He has a mechanical engineering degree and additional computer and safety certifications.
Digital Trends in the Financial Services IndustryKL Daly
Reviewing trends in the financial services, this presentation looks at how brand repositioning, digital optimization, digital analysis and customer relationships can be used to help the financial services industry overcome disruption and set themselves up for success in the future.
El documento describe las principales arterias del sistema arterial, incluyendo la aorta y sus ramificaciones que transportan sangre oxigenada desde el corazón al resto del cuerpo, así como las arterias de la cabeza y el cuello, el tronco, los miembros superiores e inferiores. Se enumeran las diferentes arterias que irrigan cada región del cuerpo.
Este documento describe el proceso de mejoramiento genético de abejas utilizando el método Doolittle en Costa Rica. Explica la organización de las colonias de abejas y el fenómeno de la partenogénesis. Luego, detalla el método Doolittle que implica la transferencia de larvas de abejas a celdas artificiales para seleccionar reinas con características deseables. Finalmente, concluye que este método permite producir reinas con cualidades de alta producción y resistencia, y que es importante considerar múltiples caracter
La leyenda de Manco Cápac y Mama Ocllo explica el origen del Imperio Inca y su llegada para establecer orden. Los Incas decían descender del dios Sol, quien les dio una vara de oro para encontrar la "Tierra Prometida" en el Cusco. La leyenda tenía el propósito de que los pueblos consideren a los Incas como seres divinos y respeten su autoridad. Aún subsiste en la sierra sur del Perú y es contada a turistas en Cusco y Puno.
A step-by-step tutorial to start a deep learning startup. Deep learning is a specialty of artificial intelligence, based on neural networks. I explain how I launched my face recognition startup: Mindolia.com
It is important to submit a cover letter with a job application to reveal your work ethic and communication skills, and give insight into your personality and fit for the position. A good cover letter includes 3 paragraphs - an introduction stating interest in the specific position, highlighting relevant work experience and skills that relate to the job description, and a conclusion restating interest and requesting an interview to further discuss qualifications for the role.
Ransford Kwesi Biney is a chemical engineer from Ghana seeking a career in the chemical and petroleum industries. He has over 5 years of experience in fuel operations and production engineering roles. His experience includes fuel transfer operations, field operations, production monitoring, product quality testing, maintenance, and safety practices. He is skilled in unit operations, computer programs, and holds a Bachelor's degree in Chemical Engineering.
Here are the key points regarding the relationship between tax avoidance and corporate social responsibility/ethical behavior:
- There is an ongoing debate about whether aggressive tax avoidance aligns with corporate social responsibility and ethical business conduct.
- Corporate social responsibility refers to companies taking responsibility for the social and economic impact of their operations on communities. This includes contributing to public welfare.
- Ethical business behavior refers to companies acting in accordance with generally accepted moral and professional standards of conduct.
- Tax avoidance uses legal methods and loopholes to minimize tax obligations. Tax evasion is illegal.
- Governments argue aggressive tax avoidance deprives them of revenue that could fund public services. Critics say it contradicts the spirit of contributing to society
Chapter1Introduction to Federal Taxation and Understanding theJinElias52
Chapter
1
Introduction to Federal Taxation and Understanding the Federal Tax Law
OBJECTIVES
After completing Chapter 1, you should be able to:
1. Identify types of taxes used by federal and state governments to raise revenues.
2. Understand the methods of tax collection and the trends shown by tax collection statistics.
3. Differentiate between tax avoidance and tax evasion.
4. Recall the underlying rationale of the federal income tax and its historical development.
5. Describe the route a tax bill takes until enacted into law.
6. Define the basic tax concepts and terms of federal income taxation.
INTRODUCTION
Federal taxation is the fuel by which Americans power their “Ship of State.” The tax structure which supports our federal government has gone from quill and ink records of revolutionary assessments to lightning speed computers which calculate and validate millions of income tax returns submitted by individuals and corporations. Federal taxes, in addition to the income tax, include a variety of other taxes covering estates, gifts, and customs, as well as excise taxes, and other minor categories of tax. Our governments can thus select among a variety of tax alternatives to produce the revenues required to operate national programs and carry out national policies.
Taxes are big business. Unfortunately, many business decisions are made in the United States today without regard to federal tax consequences. Individuals are concerned with personal income tax decisions and gift and estate tax decisions, while corporations concern themselves with corporate taxes, personal holding company taxes, and accumulated earnings tax decisions. Further, businesspersons must concern themselves with the choice of business entity: corporation, partnership, or S corporation. Differences in tax costs can be considerable. Advantages and disadvantages are virtually unlimited. This book presents information which is required knowledge if you make business decisions.
While most businesspersons (and many advisors) think about how to make decisions in nontax terms, the tax accountant bears the burden of introducing tax considerations. The topics presented in this book must be viewed in terms of decision-making—therefore, tax planning and tax research are of the utmost importance. Tax decisions are not made in a vacuum. Lawyers, accountants, financial managers, and a host of other experts work as a team in the decision-making process. This book is intended to serve as a guide for accounting students and for MBA students interested in gaining insight into and expertise in the tax complexities of business decision-making.
OVERVIEW
This chapter presents information on the magnitude of federal taxes collected and on taxpayer obligations. Then, a brief historical account is presented of federal tax collections prior to and after the adoption of the Sixteenth Amendment to the Constitution, which enabled Congress to levy “taxes on incomes, from whatever source derived.” Foll ...
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Direct Tax And Indirect Tax Services
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Doug Shulman - Prepared remarks before the AICPA
1. Prepared Remarks of IRS Commissioner Doug
Shulman before the AICPA, Washington, DC
IR-2012-89, Nov. 7, 2012
WASHINGTON — Today is the day after the elections and of course, political Washington is all
abuzz…bloggers are blogging…commentators are commenting… folks on Twitter are tweeting… the
pundits are dissecting last night’s results.
However, I am not here to wade into those political waters. Rather, I come before you today to talk about
something entirely different.
In a few days time – November 11th to be precise – my term as the 47th Commissioner of the Internal
Revenue Service officially comes to a close. And looking back, I can say it has been a true honor and one
that I wouldn’t trade for anything.
I suppose it’s quite natural when one has completed a significant task like running the IRS for almost five
years to pause ... to reflect on the journey taken … to mark the milestones met … and to ponder the lessons
learned.
Standing before you today…standing on the shoulders of those who came before me…building on their
work and achievements…it is gratifying to share with you the meaningful…and I believe, lasting progress
that has been made to our nation’s tax system.
People often ask me, “How do you drive change and significantly move the needle in an organization as big
as the IRS?” Two of the key factors are to set the right strategy, one which people believe in and you can
explain, and then to stay focused.
I’m a believer in a relentless focus on priorities – not getting distracted by too many crises or incoming
demands – and making sure that you communicate these priorities clearly inside and outside the institution
that you run to ensure there is broad support and engagement among stakeholders.
This is much easier said than done – especially in a government agency – but staying focused and
consistent over multiple years is a key to success.
Today, I want to share with you some of the results of almost five years of relentless focus on a handful of
strategic priorities we set for the IRS. The priorities are:
• Creating breakthrough strategies to combat international tax evasion;
• Transforming our relationship with corporate taxpayers;
• Transforming the IRS’ core technology;
• Rethinking and reimagining the IRS’ relationship with paid tax return preparers;
• Leveraging data analytics for continuous improvement;
• Driving efficiency and taxpayer service improvements; and
2. • Positioning the IRS workforce to make sure we are prepared for tomorrow’s challenges.
So, let me begin with our efforts on the international front. Both corporations and individuals operate in
the global economy, as corporations seek out new markets and individuals have global exposure through
their investments, including retirement accounts.
Yet, this fundamental shift to a more global economy has created a real set of compliance challenges for the
IRS. On the individual front, we have made putting a big dent in offshore tax evasion a major priority.
We view offshore tax evasion as an issue of fundamental fairness. Wealthy people who unlawfully hide
their money offshore aren’t paying the taxes they owe, while schoolteachers, firefighters and other ordinary
citizens who play by the rules are forced to pick up the slack and foot the bill.
Over the past five years, we have significantly increased our resources and focus on offshore tax evasion,
and the results have been substantial. We upped the ante in a meaningful way with our work on Swiss
financial institutions – where for the first time in history, a bank secrecy jurisdiction turned over thousands
of names and account numbers.
As we increased our enforcement efforts and gained significant momentum, we gave taxpayers a chance to
come in voluntarily and avoid going to jail. In a typical year, we used to get 100 or so taxpayers who used
our voluntary disclosure program. When we first set up our new program in 2009, we thought that figure
would rise to maybe 1,000.
So we are very pleased that we’ve had approximately 38,000 voluntary disclosures from individuals who
came in under the special programs.
To date, these individuals have paid back taxes and stiff penalties amounting to more than $5.5 billion, and
the number continues to grow. We are mining the information we have received and have launched our
next wave of investigations on banks, bankers, intermediaries and taxpayers.
Collecting additional revenue for past misdeeds – as important as that may be – is not the only, or even
primary, consideration here. It’s perhaps more important that we’re bringing U.S. taxpayers back into the
system…back into compliance… so they properly report and pay their taxes for years to come. We have
fundamentally changed the risk calculus of taxpayers who are thinking about hiding their money overseas,
and we are well on our way to deterring the next generation of taxpayers from using hidden bank accounts
to cheat on their taxes.
We’re also transforming our relationship with corporate taxpayers…many of whom operate in a global
environment. Even before I became Commissioner, I was aware that the relationship between the IRS and
large corporate taxpayers was frequently unconstructive. One of the assumptions built into the dynamic was
the so called “adversarial relationship” between the IRS and the taxpayer. This was one of those
“givens”…the relationship would never change.
I have always challenged this basic assumption. The historic framework for the nation’s tax laws is a
system of voluntary compliance. Our tax system is set up in such a way that taxpayers fill out their own
returns. This self-assessment system reflects the fact that it is the taxpayer, and not the IRS, who possesses
all of the information relevant to tax liability. We then use information reported by the taxpayer to make
judgments about issues to pursue, and returns to audit. Inherent in this system is the basic assumption that
the taxpayer will be forthcoming and the government does not need to be an “adversary” in most situations.
We now have a suite of different strategies, tools and programs we’ve been applying over the past few
years to transform this once unproductive relationship with corporate taxpayers. At first blush they may
seem unique and unrelated…with all of their different acronyms and structures. But if you look deep into
3. their genetic blueprint you will see the same goals at their center…transparency and issue resolution. The
tools include:
The CAP program, where we work with corporate taxpayers to resolve all issues before a tax return is filed,
so that when the taxpayer files a return, there is certainty; fast track appeals process, where we move our
administrative appeals process into an audit to try to resolve issues when they arise—rather than taking the
issue through an appeals process after an audit is completed; our industry issue resolution program where
we produce guidance to taxpayers, mostly in the form of safe harbors, so they need not worry about later
controversy, and others.
We also asked taxpayers to be more transparent with us by disclosing their uncertain tax positions, which
they book as reserves on their financial statements. The end game is a more productive relationship, which
allows us to focus on corporate taxpayers and issues that pose the greatest compliance risk—and not spend
time on taxpayers who pose a lesser risk of non-compliance.
Our strategic priorities also focused on critical foundational operations and infrastructure, without which
the IRS could not fulfill its mission. And one of our most critical goals was modernizing our aging
technology, and one critical program in particular…our core customer account database, also known as
CADE2.
When I arrived at the IRS I initiated a broad review of the IRS technology portfolio. We pruned our
portfolio of projects to focus on addressing the single most visible and complex issue that had been holding
back the IRS for decades. Since the 1960s, the IRS had conducted its core account processing on a weekly
basis. This processing included maintaining basic taxpayer information, such as your current account
balance…whether you have outstanding amounts due… and whether you’ve made any recent payments.
It is enormously gratifying that the IRS successfully migrated from a weekly processing cycle to daily
processing this year. This was a multi-year, incredibly complex undertaking that went to the heart of
systems that process trillions of dollars in tax revenue. This is an incredibly important milestone for the
IRS, one which we first set our sights on in the late 1980s.
The payoffs from this change are quicker refunds for taxpayers, up-to-date information at the fingertips of
our customer account representatives, and a platform for more real-time analytics and compliance. It is
already benefiting taxpayers this year, and will produce major benefits for the nation’s tax system for years
to come.
I cannot emphasize enough the importance of continuing to invest in the technology infrastructure
supporting the IRS. The IRS is one of the most complex financial institutions in the world, and only
through investments in technology will the agency keep up with evolving taxpayer needs.
Our next key long-term priority is an initiative that we started over three years ago to look at how the IRS
interacts with paid tax return preparers.
And here’s the reason why we took on this challenge. Paying taxes is one of the largest transactions that
the average American family has each year.
However, over the past 20-30 years, the way that taxpayers go about filing their taxes has dramatically
changed. Today, more than 9 out of 10 taxpayers use a paid tax preparer or tax software. When I arrived at
the IRS, there were no basic competency requirements for tax return preparers. In fact, while in most states
you need a license to cut someone’s hair, just a short time ago almost anyone could prepare a federal tax
return for any other person for a fee, regardless of their level of experience or knowledge of the tax law.
4. Now, as the leader of the IRS, I am always looking for points of leverage – and our tax return preparer
initiative is just that. In essence, we shifted from a retail to a wholesale approach. We shifted resources
from dealing with taxpayers one-by-one, to dealing with the intermediaries who deal with hundreds or
thousands of taxpayers at a time. That’s what I mean by leverage.
Given the importance of paid return preparers to the integrity of our tax system, we’re now well into the
process of ensuring a basic competency level for tax return preparers and focusing our enforcement efforts
on rooting out unscrupulous preparers. We have registered over 850,000 return preparers and have begun
administering a new competency test for any preparer who is not a CPA, attorney or enrolled agent. These
individuals also have to complete 15 hours of continuing education each year using IRS-approved
providers.
Once the majority of preparers are registered and have taken the test, we will launch a public database so
taxpayers can ensure that they are using a registered tax return preparer.
Our next major priority is leveraging data analytics in order to continually improve our operations.
The IRS has always been an information intensive enterprise. But it’s the organization of data and
ultimately the knowledge and intelligence we extract from the information we receive that really matters. It
can show us the areas of greatest non-compliance...and thereby, contribute to more efficient and effective
compliance programs.
We have built a team of people with analytical expertise and connected them with our business units to
continually improve our operations. They are working on multiple fronts, and the results have been
impressive. Let me give you just one example of how we are leveraging data analytics, and how many of
the strategic initiatives I have discussed come together.
Using better data on return preparers that we gained through our return preparer initiatives and faster
processing cycles achieved through our technology modernization, we ran a pilot applying advanced data
analytics to link tax returns that showed potentially serious compliance issues to the individuals who
prepared them. We identified a number of preparers with apparently inaccurate returns and, depending on
the type and severity of the issue, are applying different types of compliance tools.
Based on risk scoring, preparers with problematic returns received one of three treatments: due diligence
visits, outbound phone calls, or letters with monitoring. One goal of the pilot was to measure the
effectiveness of early intervention.
We estimate that through the treatments in this relatively small pilot, we generated almost $200 million of
savings on improperly claimed EITC and Child Tax Credit/Advanced Child Tax Credit claimed on these
returns. In other words, relative to a control group where no filing season interventions were applied, the
IRS found that the early intervention techniques reduced improper claims by about $200 million. And the
cost of the treatment was only about $2.7 million.
This new test-and-learn methodology is one part of a greater trend of success we are having in
implementing new filters to detect fraudulent returns and new processes for handling returns. We are now
an organization that is proficient at designing pilots to test new ways of doing business. When we see
positive results, we then expand the techniques into our core operations.
So far this year, we have stopped approximately $19 billion in fraudulent payments from going out the door
as compared to $12.5 billion over the same period last year. And these numbers dwarf the $2.4 billion that
we stopped for all of 2009.
5. So as you can see, we are getting better at moving more quickly and using data to focus our compliance
efforts. This is a key part of an overall strategy that the IRS is pursuing to move the tax system to be more
real time. In addition to making internal IRS operations more real time, we’ve also opened a dialog with
the practitioner community about how to engage practitioners and taxpayers in more real time issue
resolution. If a taxpayer files a return reporting income from a primary job, but forgets about a part-time
job held early in the year, why shouldn’t the IRS be able to flag that for the taxpayer and let them fix it up
front? The alternative is a notice from the IRS many months after the fact, when records are more difficult
to find and interest has accumulated.
We’ve conducted extensive outreach, including public meetings, and we’ve heard consistent praise for the
concept, with a lot of questions about how it would work. So we are continuing to work with the broader
tax community to find ways to advance this idea and help taxpayers address issues much earlier in the
process, while recognizing the inherent complexity of the undertaking. This will likely include some very
small pilots this upcoming filing season to test the concept.
As you can see we have made great progress in making our compliance efforts more strategic using new
tools, data, and capabilities. However, the IRS is not just about compliance. While popular culture
generally links the IRS with compliance and enforcement, the truth is that the IRS interacts with the
overwhelming majority of the population strictly on a customer service basis. Eighty percent of people file
their returns electronically and receive an average $3,000 refund via direct deposit in 10-15 days. This is
their only interaction with us each year, and it turns out that it is a quite pleasant one. And providing
quality customer service is a key priority of mine...and every bit as important as enforcement.
Now, every year, the American Customer Satisfaction Index measures customer satisfaction across various
industries and government agencies. While we have many measures of customer service at the IRS, this
composite index is the main measure we use to track our overall performance.
In 1998, the IRS hit rock bottom with only 32 percent of respondents to the Index survey voicing
satisfaction with how we were doing our job. But over time, the IRS pulled out of this downward spiral.
Slowly, but surely, we regained taxpayer approval as the IRS improved its services, such as e-file, and
began offering new ones through our Web site. All of this hard work paid off. The numbers tell the story.
For 2011, the American Customer Satisfaction Index survey of taxpayers showed satisfaction with the tax
filing experience reaching 73 on a scale of 100 among all individual tax filers. That is our highest score
since we began participating in the survey in 1994. I am especially proud of our continued progress in this
metric, given the new responsibilities handed to the IRS in recent years…the increasing complexity of the
tax code…and our continued drive to cut costs.
Speaking of which, it is incumbent upon all of us in government to be as efficient as possible and spend
taxpayer dollars wisely. We have to be good stewards of these dollars.
Starting with fiscal year 2009 and running through our budget of next year, we will achieve nearly $1
billion in budget savings and efficiencies. And they come from a variety of sources, such as closing down
paper return processing centers no longer needed because of increased electronic filing…offering voluntary
buyouts to many of our employees…cutting back on non-case related travel and conferences.
And I would be remiss if I didn’t mention our focused efforts to make the IRS the Best Place to Work in
Government. We can only serve the nation’s taxpayers well if we have engaged employees who are
respected and challenged and whose managers support them… help them do their jobs… and hold them
accountable. In 2008, I created the Workforce of Tomorrow task force, which has spawned many important
workplace initiatives. This remains one of our top priorities, and we will continue doing everything we can
to improve our work environment.
6. It’s heartening to see that we have been making headway on workplace improvements. We know this
because the IRS has showed remarkable improvement in the Best Places to Work in Federal Government
survey. In two years we moved from a ranking of 127th to a ranking of 65th out of the 240 participating
agencies. And we moved from eighth to third out of 15 large agencies in that survey’s employee
engagement index.
Now, on top of the proactive agenda I’ve just outlined, the IRS has been called on more and more to play a
vital role in key policy objectives set forth by Congress and the Administration. I call this final category of
work “incoming priorities,” and it’s must-do work that’s critical to the country’s future.
The IRS is now recognized as a highly efficient and effective institution to carry out important and high
profile government initiatives. Our portfolio of duties was greatly expanded during the economic crisis
when we were called upon to help revive the economy. For example, about one-third of the Recovery Act,
or approximately $300 billion, ran through the tax system and the IRS.
That includes things like an expanded net operating loss carryback that enabled us to push out tens of
billions of dollars to businesses when the credit markets were frozen in 2009.
And we have recently been asked to play a major role in implementing and executing the tax provisions of
the Affordable Care Act. For instance, we are working closely with the state and federal health insurance
exchanges, as we will provide hundreds of billions of dollars in tax credits through the exchanges to help
people afford health insurance. I am very proud of the role we’re playing to help people gain access to
affordable health insurance.
I’ve spent most of my time today looking at our past successes so I would be remiss if I didn’t take a few
minutes to talk about the future…and this is a bit of a cautionary tale. As much as we have been praised for
our work on implementing the Recovery Act and the Affordable Care Act… for example… we can’t take
these successes for granted going forward.
In today’s super heated partisan atmosphere, it’s easy to vilify the tax man…it’s easy to turn the IRS into a
scapegoat for all that ails us…it’s easy to cut the IRS’ budget versus that of a popular program or agency.
But given the IRS’ importance to the economy and the functioning of our government, it is my sincere
desire that cool heads will continue to prevail in any debates over the IRS…those with the long-term vision
who see the necessity and great value a consistently well-funded IRS brings to our great nation.
It is also my desire that Congress keep a keen eye on tax legislation that adds to complexity and is difficult
for taxpayers to comprehend and for us to administer. You can create the most elegant piece of policy in
the world but if we can’t administer it or taxpayers don’t understand how to take advantage of it, the value
of that policy plummets.
So let me end by saying that it has been an honor to serve as IRS Commissioner during such exciting but
challenging times.
I believe that during the past five years the IRS team has made lasting contributions to the tax system and
taxpayers. We challenged and changed the old dynamic in many ways. We weren’t afraid to take on the
sacred cows. We achieved true progress by standing on the shoulders of those who preceded us. We built
on their work and took it to the next level.
I believe that we leave the IRS a better place. And this is due to the men and women who are the
IRS…from our senior executives…to our front-line managers....to the person who answers the phone …to
the tens of thousands of employees you never see but who are part of the fabric America’s tax system and
this great institution.
7. Our success is also due to deep engagement with the private sector and key stakeholders. Indeed, we need
to be in constant dialogue with those that we have an effect on in order to do our job well.
And with those words, let me say thank you again. I wish you all well and I hope our paths cross again in
the future. Thanks for listening today, and I would be happy to take some questions.