Washington (April 15, 2004) -- Sen. Max Baucus, D-Mont., set the bar for the Internal Revenue Service to raise voluntary taxpayer compliance to a 90 percent level by 2010.
The ranking minority member of the Senate Finance Committee projected that, at that level, the IRS would raise a minimum of $100 billion in additional revenues on an annual basis. Currently, the voluntary compliance rate is roughly 85 percent.
Baucus said the “gap” caused by non-compliance for both corporate and individual filers exceeds $311 billion annually.
He also supports increasing funding for the IRS in an effort to hire more enforcement agents. The White House’s fiscal 2005 budget proposal has earmarked a 5 percent funding increase for the IRS.
-- WebCPA staff
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access