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GAO

Washington Alert – GAO on latest filing season at IRS; Sprint files suit against US Government over Ernst & Young misdeeds; Tax Policy Center revisits state and local tax deduction

Washington Alert – GAO on latest filing season at IRS; Sprint files suit against US Government over Ernst & Young misdeeds; Tax Policy Center revisits state and local tax deduction

The sheer scale of IRS’s operations during the filing season makes customer service one of the key challenges the agency faces on an annual basis, Jessica Lucas-Judy, acting director of strategic services at the Government Accountability Office (GAO), told the House Ways and Means Oversight Subcommittee on April 19. (GAO-16-578T) As described by Lucas-Judy, customer […]

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GAO reports large corporations’ average effective tax rate was well below statutory rate

GAO reports large corporations’ average effective tax rate was well below statutory rate

Corporate Income Tax: Most Large Profitable U.S. Corporations Paid Tax but Effective Tax Rates Differed Significantly from the Statutory Rate (GAO-16-363, March, 2016). In a report to the Ranking Member of the U.S. Senate’s Committee on the Budget, the Government Accounting Office (GAO) has concluded that, as in its previous 2013 report, the average effective […]

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Washington Alert – Swiss Bank Program & HSZH Verwaltungs AG , GAO faults SB/SE audits, IRS issues refunds fast

Washington Alert – Swiss Bank Program & HSZH Verwaltungs AG , GAO faults SB/SE audits, IRS issues refunds fast

The Justice Department (DOJ) announced on Jan. 27 that it had reached its final non-prosecution agreement under the so-called Category 2 component of the Swiss Bank Program. HSZH Verwaltungs AG reached a resolution that requires the bank to pay a penalty of $49.8 million. Since last March, when the first non-prosecution agreement was made public, […]

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Washington Alert – GAO on Low-Income Housing Tax Credit; Planning decisions for IRS’s Customer Account Data Engine (CADE) 2; Webinar on Business Taxes for the Self-Employed

Washington Alert – GAO on Low-Income Housing Tax Credit; Planning decisions for IRS’s Customer Account Data Engine (CADE) 2; Webinar on Business Taxes for the Self-Employed

IRS’s oversight of the Low-Income Housing Tax Credit (LIHTC) program has been “minimal,” with the agency conducting a paltry seven audits of 56 state housing finance agencies (HFAs) since ’86, the Government Accountability Office (GAO) said in a recent report. (GAO-15-330) Federal standards call for continual monitoring in the course of normal operations. The LIHTC […]

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Washington Alert – GAO report on IRS Collection; Webinar on Independent Contractors; US and Slovak Republic sign IGA; Tax Policy paper on the Cadillac tax

Washington Alert – GAO report on IRS Collection; Webinar on Independent Contractors; US and Slovak Republic sign IGA; Tax Policy paper on the Cadillac tax

A recent report by the Government Accountability Office (GAO) focused on IRS’s collection process and found it heavily relies on the use of automation to categorize and route unpaid tax or unfiled tax return cases for potential selection. (GAO-15-647) The agency’s automated Inventory Delivery System (IDS) is used to categorize and route cases based on […]

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GAO report highlights deficiencies in IRS’s audit selection process for exempt orgs

GAO report highlights deficiencies in IRS’s audit selection process for exempt orgs

A Government Accountability Office (GAO) report on IRS’s criteria, processes, and controls for selecting exempt organizations for examination has uncovered several control deficiencies that could potentially increase the risk of an organization being subjected to an examination for unfair reasons, such as the organization’s religious, educational, political, or other views. Click here to view GAO-15-514, […]

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Washington Alert – IRS Commissioner and illegal immigrants; GAO Report on Tax Refund Fraud due to Identity Theft

Washington Alert – IRS Commissioner and illegal immigrants; GAO Report on Tax Refund Fraud due to Identity Theft

IRS Commissioner John Koskinen, during Capitol Hill testimony on Feb. 11, backed off statements he made a week earlier regarding the eligibility of illegal immigrants who qualify to remain in the U.S. pursuant to President Obama’s deportation amnesty program to receive three-year’s worth of the earned income tax credit (EITC). Koskinen had previously testified on […]

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GAO report finds relatively few taxpayers have jumbo IRA balances

GAO report finds relatively few taxpayers have jumbo IRA balances

Click here for the text of GAO-14-878T, “Individual Retirement Accounts, Preliminary Information on IRA Balances Accumulated as of 2011.” There has been some speculation that Congress will try to limit in some way the amount that can be accumulated in (or perhaps rolled over to) IRAs, as a way to raise revenue for tax reform […]

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Washington Alert – GAO Report on Exempt Orgs, Bank Leumi Pleads Guilty, GAO Faults IRS on Handling of Calls

Washington Alert – GAO Report on Exempt Orgs, Bank Leumi Pleads Guilty, GAO Faults IRS on Handling of Calls

Coinciding with the decline in IRS’s budget over the past several years, there has been a notable decrease in the number of full-time equivalents working within the agency’s Exempt Organizations (EO), the Government Accountability Office (GAO) said in a recent report. (GAO-15-164) In turn, this has resulted in a steady decrease in the number of […]

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GAO Report sparks concern on “Mega IRAs”

GAO Report sparks concern on “Mega IRAs”

Click here for Senator Ron Wyden’s Press Release: “Wyden Calls for Action to Address “Mega IRAs” (Nov. 19, 2014).” Click here for the Government Accountability Office’s Report: “IRS Could Bolster Enforcement on Multimillion Dollar Accounts, but More Direction from Congress Is Needed” (GAO-15-16, Oct. 2014). While Congress created IRAs to ensure equitable tax treatment for […]

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GAO analyzes increasing number of large partnerships and IRS difficulties auditing them

GAO analyzes increasing number of large partnerships and IRS difficulties auditing them

Click here for the text of the General Accounting Office’s “Large Partnerships: Growing Population and Complexity Hinder Effective IRS Audits” (July 22, 2014). In testimony before a subcommittee of the Senate’s Homeland Security and Governmental Affair committee, James R. White, of the Government Accountability Office (GAO), has said that the number of large partnerships has […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney