Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
612-822-4611

  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Tax Refunds: IRS Is Exploring Verification Improvements, but Needs to Better Manage Risks

Tax Refunds: IRS Is Exploring Verification Improvements, but Needs to Better Manage Risks

Government Accountability Office

Paperback

General Reference

ISBN10: 1503171000
ISBN13: 9781503171008
Publisher: Createspace
Published: Dec 31 2014
Pages: 42
Weight: 0.27
Height: 0.09 Width: 8.50 Depth: 11.02
Language: English
Third-party information reporting dramatically increases the accuracy of tax returns. Third parties-employers, banks, and others-report wages, interest, and other information to both taxpayers and IRS.6 An IRS study of individual tax compliance found that in tax year 2006, taxpayers accurately reported over 90 percent of income with substantial information reporting requirements, such as interest and dividend income. In contrast, the same study found taxpayers accurately reported only 44 percent of income subject to little or no information reporting, such as nonfarm sole proprietor income

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