IRS Bungles Return On Investment Calculations: Watchdog

Law360, New York (November 19, 2013, 7:34 PM EST) -- The Internal Revenue Service's use of return on investment data to allocate tax enforcement resources is inaccurate and often underutilized, according to an IRS watchdog report issued Tuesday.

The Treasury Inspector General for Tax Administration found that although the IRS claimed it looked to ROI information before assigning enforcement agents to perform collection tasks, the IRS had no documentation supporting this claim, had no relevant ROI policies, and in many cases, the agency miscalculated ROI data provided to Congress for funding purposes.

“In fiscal year 2012,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.