Tax refunds: IRS is exploring verification improvements, but needs to better manage risks: report to Committee on Finance, U.S. Sen

By U.S. Government Accountability Office

"For tax year 2011, IRS matched over 140 million individual income tax returns against the 1.6 billion information returns it received from third parties such as employers. Generally, this match does not occur until well after refunds are issued. In early 2011 the then IRS Commissioner outlined a vision for a ""Real Time Tax" system-a strategy to improve verification by matching third party information to income tax returns before refunds are issued, and IRS began exploring options for Real Time Tax later that year. GAO was asked to review IRS's strategy for exploring Real Time Tax. This report (1) describes when IRS receives and matches individual tax and information returns and (2) assesses the extent to which IRS is following leading practices for managing an exploratory effort of this importance. GAO reviewed IRS documents and guidance, including the Internal Revenue Manual, information return forms, and drafts of Real Time Tax planning documents. GAO generated descriptive data on the timing and volume of 25 information returns using IRS's Compliance Data Warehouse database. GAO identified leading practices on planning new initiatives at IRS using past GAO reports, internal control standards, and IRS documents."

• Format: Paperback
• Language: English
• ISBN: 1974236757
• ISBN13: 9781974236756
• Release Date: January 1
• Publisher: Createspace Independent Publishing Platform
• Length: 42 Pages
• Weight: 0.27 lbs.
• Dimensions: 0.1" x 8.5" x 11.0"