6/30/11 Congress Finds Tax Code Complexity Contributes to Tax Gap

[admin]

The study, by the Government Accountability Office, noted that the GAO has documented millions of taxpayer errors in following complex rules for determining taxpayers’ “basis”—generally the taxpayer's investment in a property—in securities they sold or corporations they own. The study was presented during a hearing Tuesday by the Senate Finance Committee on tax reform. The GAO study noted that the complex rules in the federal tax system may be necessary, for example, to ensure proper measurement of income, target benefits to specific taxpayers, and address areas of noncompliance.

For More Information:

http://www.accountingtoday.com/news/Congress-Finds-Tax-Code-Complexity-Contributes-Tax-Gap-59001-1.html