Congressional Efforts to Close Tax Gap Means S Corp Payroll Tax Increase Is Still A Threat
Today the Senate Budget Committee held a hearing on “the causes of and solutions for addressing the federal tax gap.” Witnesses included IRS Commissioner Mark Everson, Government Accountability Office Comptroller General David Walker, and Nina Olson, National Taxpayer Advocate. The tax gap is the difference between what taxpayers owe and what they pay (or at least, what they pay on a timely basis).
This hearing stems from the release of the President’s FY07 budget (which makes funding recommendations for the IRS and includes other proposals to improve disclosure and tax administration) and the IRS’ announcement yesterday that the 2001 tax gap …
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