(no title)
marwatk | 3 years ago
> A critical limitation in the IRS’s ability to audit millionaires is the availability of IRS revenue agents. Only this class of auditors, given sufficient training and experience, are qualified to examine complex tax returns – the types of returns typically filed by high-income individuals and large-scale businesses.
> With severe budget constraints, IRS has tended to trade off the replacement of revenue agents with hiring more tax examiners. These certainly are paid less, but they are also less knowledgeable. While revenue agents used to outnumber tax examiners, this has slowly shifted over time.
unknown|3 years ago
[deleted]
wongarsu|3 years ago
syspec|3 years ago
TAForObvReasons|3 years ago
https://www.finance.senate.gov/ranking-members-news/irs-budg...
> IRS Research Division estimates in the 2003 GAO report, however, placed returns for activities such as tax enforcement at more than ten – and in some cases more than 20 – dollars collected for every dollar spent. Phone calls to follow up on tax debts owed were estimated to return 13 dollars for every dollar spent. Audits by mail returned as much as 11 dollars for every dollar spent. Using the overall rate of a four to one return, this year’s $100 million budget cut translates to a $400 million loss.
Imagine 20 dollars per dollar spent, that's the type of unicorn investment that basically every VC hunts for.
patrick451|3 years ago