The number of restatements by public companies has leveled off and severity has remained low in the last five years, but restatements have increased from accelerated filers for the fourth straight year, according to Audit Analytics, a research firm.READ MORE →
The 2015 filing season was akin to a Tale of Two Cities, according to the IRS’s own watchdog.
“For the majority of taxpayers who filed their returns and did not require IRS assistance, the filing season was generally successful,” according to the report issued to Congress by the national taxpayer advocate’s office headed by Nina Olson. “For the segment of taxpayers who required help from the IRS, the filing season was by far the worst in memory.”
Meanwhile, Olson urges Congress to undertake “fundamental tax reform,” pass a “Taxpayer’s Bill of Rights” law, and boost IRS funding.
“Everyone is in collective denial about what inadequate funding for the IRS means to taxpayers,” Olson says. READ MORE →