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
‘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.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
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