Should the IRS Receive More Funding?

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The impact of budget constraints and cuts to the IRS is affecting both taxpayers and the professionals charged with helping them, resulting in excessive delays in responding to taxpayers’ inquiries; failure to keep taxpayers informed of tax law changes; excessive delays in the issuance of administrative guidance; and a slowdown in the release and updating of tax forms.

Advocating more money for tax collectors isn’t likely to win anyone many friends. However, that’s exactly what the American Institute of Certified Public Accountants (AICPA) did recently. In a letter to Congress, the AICPA noted that, “The collection of tax revenues and the administration of tax laws, as well as the need to provide assistance to taxpayers and tax practitioners, are important responsibilities.” However, the IRS’ budget, the letter points out, ...

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What's Basis Points?

Karen Kroll supplies the Business Finance community with reporting and commentary examining cash management and treasury-related topics.

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