On March 13, the IRS announced that it will close the Offshore Voluntary Disclosure Program (OVDP), effective September 28, 2018. In the announcement, the IRS encouraged taxpayers who need to disclose noncompliant and unreported foreign accounts and assets to come forward before the September deadline.
IRS RELEASES INTERNAL REVENE SERVICE DATA BOOK, 2016 Letter from the Commissioner: Over the course of the century since the Revenue Act of 1916 became law, the IRS has published data that reflect the breadth and complexity of our tax system. Among the agency’s statistical publications, the Internal Revenue Service Data Book is an important part of our continued effort to improve access to tax statistics and show the full scope of Federal tax administration. The Data Book and its consistency year-to-year help illustrate trends over time, ranging from the increasing size of the taxpayer population to the decreasing size of the IRS workforce. For example, in the last 5 years as the agency’s budget has been reduced, the IRS has lost almost 15 percent of its workers. Key measures of enforcement activity, including audit rates, have also declined in several categories. At the same time as IRS resources have shrunk, demand for help from the IRS has surged in key areas. The IRS website, a focal point for the future state of tax administration, was visited more than half a billion times in 2016, and nearly 300 million inquiries were answered by the “Where’s My Refund?” tool on IRS.gov. … Read More