Approximately $7.6 billion of potentially collectible taxes is lost annually due to withholding noncompliance, according to a report from the Treasury Department's inspector general.
The report credits the Internal Revenue Service's withholding compliance program with improving compliance by taxpayers and employers, but said that more effort is needed to ensure that employers comply with the withholding requirements and to penalize taxpayers who make false statements on their W-4 withholding forms and tax returns.
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