wellcoveted.com wellcoveted.com
   Index >> About Us >> Privacy Policy >> Terms & Conditions >> Add Url >> Add Article
Search:   
Add Url
 

Government & Politics

Health & Hygiene

Employment & Careers

Banking & Finance

Food & Recipe

Automotive

Home & Garden

Children

Society & Issues

Property & Estate

Malls & Shopping

Healthcare & Medicine

Recreation

Travel & Accommodation

Sports & Adventure

Business & Commerce

Self Enhancement

Education & Reference

Art & Culture

Lifestyle & Fashion

Internet & Computers

Online & Board Games

News & Events

Technology & Science

 

Index › Banking & Finance › Taxation Law Information
 

In 2005, IRS Was Bold, Aggressive and Relentless

 
Author: Darrin Mish
 

Prior to joining the Bush administration, Mark W. Everson was known as a hard-charger in the business world. A Texas businessman with a down-to-business, no-nonsense attitude, Everson was vice president of a $2 billion food services company and an executive with a French industrial company.

Now, halfway through his five-year term as commissioner of the Internal Revenue Service, Everson is gaining a reputation for being equally hard-charging in the public sector.

In fact, 2005 has proven to be quite a year for Everson. Collections up are. Document-matching is in full gear. And more taxpayers are being audited this year than last year.

What does this mean? The IRS, once known as an agency lax on collections and enforcement, has changed. When I was before the Finance Committee in March 2003 for my confirmation hearing, I articulated three goals for the IRS: better serving the taxpayers; continued modernization; and enhanced enforcement activities to ensure everyone pays their fair share, Everson said during a recent speech.

And it appears that he has accomplished those goals. This year, in particular, has been a banner one:

? Enforcement revenues are up 10 percent to a record $47.3 billion.

? Audit numbers are up 20 percent from 1,008,000 in 2004 to 1,216,000 this year. In fact, the number equals the amount last achieved in 1998.

? Audits of taxpayers with incomes over $100,000 surpassed 221,000, the highest figure in 10 years.

? Audits of small business increased after years of decline. In fact, this year 17,867 small businesses were audited compared to 7,294 last year.

? Audits of small business increased after years of decline. In fact, this year 17,867 small businesses were audited compared to 7,294 last year.

? Audits of corporations with assets over $10 million increased 14 percent over last year.

? Collections are also up. Levies and liens have recovered to their highest levels since 1998.

I want to emphasize that these gains have been made while the IRS has continued to make strides in customer services, Everson added during his speech.

But if the last year can serve as an example, its clear that the commissioner has every intention of remaking the IRS into a pit bull.

And if youre one of the thousands of taxpayers cheating on taxes, even if for a small amount, you should be worried about that news.

 
 
 

Related Articles

 
Online Personal Loans For Those With Bad Credit
 
How to Finance a Business Start-Up
 
Selling Your Business - A Tool To Reduce Capital Gains Taxes
 
Insight Into Trading - What Percentage Of Your Trades Are Winners?
 
Lowering Credit Card Debt ? Building a Better Credit History
 
Shopping for a Mortgage? Protect Your Credit
 
Auto Refinance
 
Get in Control of Your Credit Card Debt
 
The Disadvantages of Student Credit Cards
 
More on IRA Beneficiary Designation Planning
 
 
 
 

The Development of the Cosmeticians' and Cosmetologists' Professions

Insurance companies do not tend to differentiate between cosmeticians and cosmetologists when it com ... - Sandy Leibovich
 

Should You Get A Pay Check Advance?

At some point in your working life, you may find yourself in a situation that requires fast cash. A ... - Tim Gorman
 

Universal Term Life Insurance Guide 101

Universal term life insurance is a combo of term life insurance and universal life insurance. It is ... - Mansi Aggarwal
 
 

Specific vs. Generic Airline Miles Credit Cards

Explains the differences between the variety of airline miles credit cards available today, includin ... - Robert Alan
 

Why Credit Bureaus Are Ripping You Off??And How to Beat Them

When you pay your credit card bills, your loan balance, or your medical bills, this information is r ... - Rebecca Spitzer
 

Finding a Mortgage

You may be bombarded with ads claiming the lowest rates. In fact, many say you can reduce your payme ... - Martin Lukac
 

Compare Term Life Insurance Quotes

Are you thinking of buying a term life insurance coverage? Do you find it difficult to decide which ... - Ross Bainbridge
 

Litigation Financing

Litigation is a very costly affair. An individual involved in litigation needs good financial backin ... - Jennifer Bailey
 
 
Index >> Privacy Policy >> Terms & Conditions  
Copyright © 2008 www.wellcoveted.com All Rights Reserved.