Taxation Legal News

National Taxpayer Advocate Releases Report to Congress

The Advocate’s report, which is required by law, notes that the IRS is under significant pressure both to reduce the tax gap and to maintain and improve taxpayer services. The report commends the IRS for adopting a more strategic approach to these objectives.  “I am concerned, however, that the IRS is approaching its taxpayer service and enforcement initiatives on almost entirely separate tracks,” Olson writes.  “[I]n the IRS today, enforcement employees work on enforcement initiatives and taxpayer service employees work on taxpayer service initiatives, and never the twain shall meet.”  Citing the offer in compromise as an example, Olson maintains that incorporating high quality service within enforcement initiatives will ultimately help bring non compliant taxpayers into compliance and thus reduce the tax gap.

The report sets out the objectives of the Office of the Taxpayer Advocate for the upcoming fiscal year and provides substantive analysis of issues as well as statistical information. Read more at irs.gov
 
 

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	Did You Know?
	Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.