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02 May 2008
The US Internal Revenue Service is developing fresh strategies to crack down on the estimated $345bn tax gap, but significant challenges still remain according to a recent report.
The Treasury Department's Inspectorate General has claimed that strategies to reduce the tax gap put forward in August last year, dubbed the seven-pronged approach are encouraging but depend on too many vairables according to WebCPA.
'While we are encouraged by the development of a detailed strategy to reduce the tax gap, long-term success will depend on the IRS's ability to address several risk factors, some of which are beyond its control,' said TIGTA Inspector General J. Russell George in a statement.
The seven-pronged approach includes improving electronic filing capabilities, simplifying the law to reduce unintentional errors and improving examination collection and document-matching activities.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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