Saturday 19th of August 2017 6:54:37 PM

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    Internal Revenue Service

    The nation’s largest tax collection agency.

    Tax-News.com 

    The global source of tax news.

    Tax.com

    The Tax daily for the citizen taxpayer.

    CNNMoney

    The world’s largest business website.

    Forbes.com

    The leading source for reliable business news and financial information.

    TRAC Says IRS Audit Rate for Wealthy ‘Sharply Declined’

    For many years, Tax Analysts and the Transactional Records Access Clearinghouse (TRAC) have vigorously exercised their rights under the Freedom of Information Act to obtain authoritative information from the IRS. Although the two public interest organizations have had a somewhat different focus, the ultimate goal was the same: to better understand how the IRS was going about achieving its difficult mission. Now TRAC and Tax Analysts have joined forces to offer a new series of monthly reports on a range of enforcement subjects.

    Tax Fraud — Prison Sentences of 1 Year or More, July 2008

    The latest available data from the Justice Department show that during July 2008 the government reported 23 new tax fraud prison sentences of 1 year or more. According to the case-by-case information analyzed by the Transactional Records Access Clearinghouse (TRAC), this number is down 14.8 percent over the previous month.

    The “April Effect” — IRS Prosecutions Timed for Tax Season

    As tax season approaches each year, the number of news stories on tax prosecutions seems to grow. What has been unclear is whether this is merely a function of heightened media interest in prosecutions for tax offenses when the public’s attention is on filing their taxes, or if tax prosecutions are actually timed to peak during the early weeks of spring.

    IRS Convictions for May 2009

    The latest available data from the Justice Department show that during May 2009 the government reported 82 new convictions for these matters. Those cases were referred by the Internal Revenue Service. According to the case-by-case information analyzed by the Transactional Records Access Clearinghouse (TRAC), this number is down 4.7% over the previous month.

    The comparisons of the number of defendants convicted are based on case-by-case information obtained by TRAC under the Freedom of Information Act from the Executive Office for United States Attorneys. (See Table 1)

    When monthly 2009 convictions of this type are compared with those of the same period in the previous year, the number of convictions was up (3.9 percent). Convictions over the past year are still much higher than they were five years ago. Overall, the data show that convictions of this type are up 10.2 percent from levels reported in 2004.

    Covering the tax beat

    Every year, about $345 billion in federal taxes are either late or unpaid, according to the IRS, ripping open holes in budgets and shortchanging schools and public safety. That forces taxpayers to cough up more than their fair share, tax experts say. About $2.5 billion went uncollected in Michigan between 2000 and 2006.

    State Tax Officials Using Clues From Social Networking Sites

    Some state revenue collection agents use Internet social networking sites to find delinquent taxpayers, said collection managers sharing tips August 18 during the Midwestern States Association of Tax Administrators’ 49th annual conference. North Dakota hosted the webcast conference.