Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Gov’t Reports
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TIGTA Releases Several Tax Reports
The Treasury Inspector General for Tax Administration has released several tax reports: Suspended E-File Providers Were Not Adequately Assisted With Reinstatement of Electronic Filing Privileges (7/10/07) (2007-40-114) The Modernized e-File Project Can Improve Its Management of Requirements (7/9/07) (2007-20-099) Fiscal Year 2007 Review of Compliance With Legal Guidelines When Conducting Seizures of Taxpayers’ Property (7/3/07)…
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Joint Tax Committee Releases Report on Partnership Carried Interest
In connection with tomorrow’s Senate Finance Committee hearing on Carried Interest, the Joint Committee on Taxation today released Present Law and Analysis Relating to Tax Treatment of Partnership Carried Interests (JCX-41-07): This document … includes a description of present law and analysis of Federal tax issues relating to partnership carried interests. Part One provides background…
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CRS Releases Taxation of Hedge Funds and Private Equity Managers
The Congressional Research Service has released Taxation of Hedge Funds and Private Equity Managers, by Mark Jickling & Donald J. Marples. Here is the summary: Hedge funds and private equity funds are investment pools generally available only to institutions and wealthy individuals. Private equity funds acquire ownership stakes in other companies and seek to profit…
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SEC Publishes Proposal to End International Conformity with U.S. GAAP
The SEC yesterday proposed dropping the requirement that non-U.S. companies reconcile to U.S. generally accepted accounting principles their financial reports that are filed under International Financial Reporting Standards: Proposal Report Staff Comments
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Growing Older in America: The Health & Retirement Study
The National Institute on Aging of the U.S. National Institute of Health has released Growing Older in America: The Health & Retirement Study. Here is the abstract: Growing Older in America: The Health & Retirement Study describes the breadth and depth of the HRS to help familiarize a broad range of researchers; policymakers; media; and…
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Joint Tax Committee Releases Report on Individual AMT
The Joint Committee on Taxation today released Present Law and Background Relating to the Individual Alternative Minimum Tax (JCX-38-07).
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U.N. Calls for Universal Pensions of $1 Per Day
The U.N. has released a new report, World Economic and Social Survey 2007: Development in an Ageing World. The report calls for a universal right to a pension of $1 a day in developing countries to significantly reduce old age poverty, which could be funded at a cost of less than 1% of GDP in…
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TIGTA Releases Several Tax Reports
The Treasury Inspector General for Tax Administration has released several tax reports: Statistical Portrayal of the Criminal Investigation Function’s Enforcement Activities From Fiscal Year 2000 Through Fiscal Year 2006 (2007-10-083) Screening Electronically Filed Returns for Errors Provides a Significant Benefit and Does Not Appear to Be a Barrier to Electronic Filing (2007-40-079) The Internal Revenue…
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State Tax Revenue Surge Shows Signs of Slowing
The National Governors Association and the National Association of State Budget Officers have published The Fiscal Survey of the States (June 2007). Here is part of the Executive Summary: Fiscal 2007 has been a year of stable financial conditions for the states. However, fiscal 2008 is expected to be a year of slower revenue growth…
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GAO Releases Two Tax Reports
The Government Accountability Office yesterday released two tax reports: Tax Debt Collection: Measuring Taxpayer Opinions Regarding Private Collection Agencies (GAO-07-890T) Internet Access Tax Moratorium: Revenue Impacts Will Vary by State (GAO-07-896T)
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CBO Releases Federal Tax Revenues From 2003 to 2006
The Congressional Budget Office has released Federal Tax Revenues From 2003 to 2006: The Congressional Budget Office has reviewed the available data and analyzed the sources and underlying causes of the growth in revenues since 2003. This analysis shows that the overall increase in revenues as a share of gross domestic product (GDP) since 2003…
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CBO Releases Changes in the Economic Resources of Low-Income Households with Children
The Congressional Budget Office has released Changes in the Economic Resources of Low-Income Households with Children: This CBO paper was prepared at the request of the Ranking Member of the Senate Budget Committee. It uses data from national surveys to examine the economic resources over a 15-year period for low-income households with children. Cross-sectional data…
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GAO Releases Report on The Tax Gap and IRS Enforcement
The Government Accountability Office has released Internal Revenue Service: Assessment of the 2008 Budget Request and an Update of 2007 Performance (GAO-07-719T) (5/9/07) Abstract Highlights Report
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OECD Releases Discussion Draft on Nondiscrimination Article of Model Tax Treaty
The Organization for Economic Cooperation and Development has released a public discussion draft on the Application and Interpretation Article 24 (the nondiscrimination article of the model tax convention). Comments on the draft are due by July 31, 2007.
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House Holds Hearing Today on The Effects of Misclassifying Workers as Independent Contractors
The Subcommittee on Income Security and Family Support and Subcommittee on Select Revenue Measures of the House Ways & Means Committee hold a joint hearing today on The Effects of Misclassifying Workers as Independent Contractors. From the hearing announcement: Chairman McDermott: "When workers are wrongly classified as independent contractors, they lose access to vital benefits,…
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EU Releases CCCTB Progress Report
The European Union has released another Common Consolidated Corporate Tax Base (CCCTB) progress report: Press Release (IP/07/593) Report (COM(2007)223) Press Coverage (Hat Tip: Marcel Schaper.)
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TIGTA Releases Tax Reports
The Treasury Inspector General for Tax Administration has released two tax reports: Fiscal Year 2007 Statutory Review of Compliance With Legal Guidelines When Issuing Levies (2007-30-070) Interim Results of the 2007 Filing Season (2007-40-072)
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Over 450,000 Federal Workers Are Tax Deadbeats
Senate Finance Committee Chairman Max Baucus (D-Mont.) and ranking Republican Charles Grassley (R-Iowa) sent a letter to President Bush today complaining that over 450,000 federal workers and retirees owe $3 billion in federal taxes. The Senators also released this tax delinquency data, showing that the largest percentages of federal employee/retiree tax deadbeats are in these…
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GAO Releases Tax Gap Report
The Government Accountability Office has released Using Data from the Internal Revenue Service’s National Research Program to Identify Potential Opportunities to Reduce the Tax Gap (GAO-07-423R) Report Highlights Senate Finance Committee Press Release
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TIGTA Releases Several Tax Reports
The Treasury Inspector General for Tax Administration has released several tax reports: Complete Actions Were Not Taken to Validate the Best Software Solution Was Chosen for the Private Debt Collection Program (2007-20-065) Oversight of the Electronic Fraud Detection System Restoration Activities Has Improved, but Risks Remain (2007-20-052) Tax-Exempt Hospital Industry Compliance With Community Benefit and…
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GAO Releases Report on Telephone Excise Tax Refund Requests
The Government Accountability Office has released Telephone Excise Tax Refund Requests Are Fewer Than Projected and Have Had Minimal Impact on IRS Services (GAO-07-695): Report Highlights
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GAO Releases State Experiences Indicate IRS Would Face Challenges Developing an Internet Filing System
The Government Accountability Office has released State Experiences Indicate IRS Would Face Challenges Developing an Internet Filing System with Net Benefits (GAO-07-570): Report Highlights
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Census Bureau Releases The Effects of Taxes and Transfers on Income and Poverty in the U.S.
The U.S. Census Bureau has released The Effects of Taxes and Transfers on Income and Poverty in the United States: 2005. Here is part of the Introduction: This report examines how income distributions change when the definition of income is varied to reflect the inclusion or exclusion of different components. The measure of household income…
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TIGTA: Number of IRS Audits Increasing, But Still Below 1990s Levels
The Treasury Inspector General for Tax Administration has released Trends in Compliance Activities Through Fiscal Year 2006: Many compliance activities increased and results improved during Fiscal Year 2006. Since FY 2000, the IRS has been reversing many of the downward trends in compliance activities that had occurred in prior years. … The use of collection…
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GAO Releases Interim Results of the 2007 Tax Filing Season and the Fiscal Year 2008 Budget Request
The Government Accountability Office yesterday released Interim Results of the 2007 Tax Filing Season and the Fiscal Year 2008 Budget Request (GAO-07-673). Report Highlights