IRS funding cuts lose billions in corporate tax revenue – Study

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IRS funding cuts lose billions in corporate tax revenue – Study

Casey Schwab, a professor at Indiana University’s Kelley School of Business, has said “You may save a little by cutting the IRS budget, but you are losing more in tax revenues,” as a new study shows that the service could have brought in billions of dollars more in corporate tax revenue if it had a bigger budget. Examining confidential data about audits of large, publicly-traded corporations’ returns, the study found that if the IRS had been given an extra $13.7bn in resources, collections from large corporations could have been increased by $34.3bn. The team behind the report wrote: “Our findings are particularly relevant given that any resource constraints the IRS currently faces will be magnified by the increased responsibilities it will have as a result of recent tax reform.”

For more info: The Hill   Accounting today 

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