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TIGTA Report: Improvements Have Been Made, but Controls Need to Be Strengthened to Detect Improper Self-Employed Retirement Deductions (PDF)
Treasury Inspector General for Tax Administration [TIGTA], U.S. Department of the Treasury
Dec. 14, 2020 38 pages. "TIGTA made six recommendations, including adding Schedule SE to processing controls, enhancing controls to determine the reasonableness of self-employed retirement deductions, assessing the need for additional third-party data to verify deductions, and changing Form 5498 instructions for consistency. In their response, IRS management agreed with two recommendations and plans to take corrective actions. However, the IRS did not agree to enhancing controls to determine the reasonableness of self-employed retirement deductions, assessing the need for additional third-party data, and changing the Form 5498 instructions. TIGTA believes these actions would improve tax compliance and potentially increase revenue by $890 million over the next five years." MORE >> |
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