IRS Needs More Money To Close Tax Gap, Fed. Officials Say

Law360, Washington (May 9, 2019, 4:26 PM EDT) -- Investing more money in tax administration would result in more efficient tax collection, which could help close the so-called tax gap of revenue lost to noncompliance, federal officials told a congressional panel Thursday.

More money invested in the Internal Revenue Service would lead to more revenue collection and improved taxpayer compliance, the officials said, speaking at a hearing on the tax gap held by the House Ways and Means Committee. Expanded reporting requirements would also help, said J. Russell George, the Treasury inspector general for tax administration. Reports show that withholding taxes at the source of income and reporting that information...

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