tax compliance - The S Corporation Association

Treasury Issues a New Tax Gap Report

This morning, the Treasury and the IRS released the new “tax gap” report. This report is in response to a request from Senate Finance Committee Chairman Max Baucus that the Treasury produce a plan to reduce the “tax gap” to 10 percent by the year 2017. The most recent estimate of the tax gap, for tax year 2001, was 16 percent. Or, if you prefer the glass to be half full, the U.S has a compliance rate of 84 percent, one of the highest in the world.

The real news here …

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admin2019-02-06T18:44:37+00:00August 2, 2007|

INCREASED S CORP SCRUTINY

INCREASED S CORP SCRUTINY — JULY 28TH, THE HILL

Yesterday’s “The Hill” takes a look at the two challenges facing the S Corp community today- by modernizing S Corp rules to ensure S Corporations continue to thrive, and blocking misguided proposals to apply payroll taxes to all S Corporation income, regardless if that income is due to capital investment or even distributed to shareholders. Full article is attached below.

IRS FOCUSED ON S CORPS: JULY 27th, WALL STREET JOURNAL

Wednesday saw another story in the Wall Street Journal on the IRS’s plan to conduct special audits of 5,000 S Corps over the next …

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admin2019-02-06T18:48:18+00:00July 29, 2005|

IRS TARGETS S CORPS!

As a follow-up to its broader “Tax Gap” study completed earlier this year, the IRS yesterday announced it will engage in a multi-year study of about 5000 taxpayers reporting S corporation income or losses. According to the IRS release (see below), the study “will be used to more accurately gauge the extent to which the income, deductions and credits from S corporations are properly reported on returns filed by the flow through corporations and their shareholders.”

The S Corporation Alliance strongly supports appropriate IRS administration of the tax code, but numerous questions arise from the IRS’s announcement, including why the IRS …

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admin2019-02-06T18:48:18+00:00July 26, 2005|