Washington (August 21, 2002) -- Senator Kit Bond has urged the Internal Revenue Service to modify Form 1040 to streamline matching of tax returns filed by partners and S-corporation shareholders with Schedule K-1s filed by the businesses they own.Bond says the change would help identify taxpayers who are under reporting income.

"The findings of the Inspector General's latest report only strengthen the case for modifying and improving the 1040 to reduce errors in the agency's matching process," said Bond, a member of the Senate Committee on Small Business and Entrepreneurship. "Although I applaud the agency's effort to crack down on taxpayers failing to pay their fair share, the success of this effort is called into question if it results in forcing more honest taxpayers to prove they filed accurate returns in the first place."

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

Don't have an account? Register for Free Unlimited Access