The Internal Revenue Service’s estimate of the so-called “Tax Gap,” the difference between taxes owed and taxes paid voluntarily and on time, needs to be more accurate, reliable, comprehensive and timely, according to a new government report released to the public Monday by the Treasury Inspector General for Tax Administration.
The Tax Gap estimate is a widely used measure in tax policy and administration, TIGTA pointed out. Effective tax administration depends on comprehensive, reliable, accurate and timely information to identify noncompliance and develop strategies to improve voluntary compliance. The IRS’s most recent Tax Gap estimate was $450 billion for tax year 2006.
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