IRS ‘outgunned’ by non-compliant businesses, Rettig says
Dive Brief:
- IRS Commissioner Charles Rettig told a House panel Thursday that the agency lacks the funding and resources necessary for auditing a large number of big companies that file questionable tax returns.
- “Our ability to enforce the tax laws against non-compliant taxpayers with complex returns continues to be hampered by a lack of resources,” Rettig said in testimony to a subcommittee under the House Oversight and Reform Committee. “We can no longer audit a respectable percentage of large corporations, and we are often limited in the issues reviewed among those we do audit.”
- “These corporations can afford to spend large amounts on legal counsel, drag out proceedings and bury the government in paper,” Rettig said in written testimony to the subcommittee on government operations. “We are, quite simply, outgunned in our efforts to assure a high degree of compliance for these taxpayers.”
AI yields 30% of revenue at tech-savvy companies: Accenture
Dive Brief: Companies savvy in the use of artificial intelligence (AI) generate on average 30% of…
0 Comments2 Minutes
June 17, 2022
Intel CFO sees diversification as key to combating supply chain challenges
Diversifying access to suppliers is essential to circumventing supply chain challenges as numerous…
0 Comments2 Minutes
June 15, 2022
FP&A in spreadsheets: When ‘that’s how it’s always been done’ doesn’t cut it anymore
Spreadsheets are incredible canvases for financial modeling. For finance teams facing a…
0 Comments2 Minutes
June 13, 2022
How SEC ESG disclosure rules will impact private companies
Public companies are waiting to see when and how the Securities and Exchange Commission makes its…
0 Comments1 Minutes
June 10, 2022