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IRS Names Winners of Online Tax Info System Design Challenge

The Internal Revenue Service has revealed the winners of the agency’s “Tax Design Challenge” crowdsourcing competition that sought designs for a future online tax information system. The tax collection agency said Friday the three-week challenge received 48 submissions that a review panel considered for three prize categories such as overall design, best taxpayer usefulness and best financial …

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CBO: Annual US Deficit Fell to Lowest Point in 8 Years

The Congressional Budget Office has published an infographic report that indicates the $439 billion U.S. budget shortfall the agency recorded for fiscal 2015 was the government’s smallest deficit since fiscal 2007. CBO said Wednesday federal debt held by the public at the end of FY 2015 was 74 percent of gross domestic product, the highest annual …

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Treasury: US Deficit Fell 37% in May

The Treasury Department disclosed the U.S. budget deficit for the past 12 months amounted to $412 billion, the smallest one-year shortfall recorded since August 2008, the Wall Street Journal reported Wednesday. Nick Timiraos writes Treasury’s data shows the deficit dropped to about $82 billion during the month of May due …

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Acting IRS Head Steps Down After IG Finds Agency Targeted Some Political Groups

Steven Miller, acting Internal Revenue Service commissioner since November 2012, resigned Wednesday after a watchdog report outlined how the agency targeted some political advocacy groups seeking tax exempt status, the Washington Post reports. Zachary Goldfarb and Juliet Eilperin write the Treasury inspector general for tax administration found some employees in the IRS’ …

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Boehner Wants Senate To Act First On Sequestration

The Senate should act first on replacing the more than $85 billion in automatic cuts set to kick in March 1 with a different legislation package, House Speaker John Boehner (R-Ohio) said Wednesday. According to The Hill newspaper, Boehner made the remarks following a closed-door meeting of his conference. He …

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GAO: Audits By Mail Recover More Uncollected Taxes

The Internal Revenue Service collects on average $1.80 in uncollected taxes for every dollar spent when performing audits in-person, the Government Accountability Office has found. According to Fierce Government, correspondence audits conducted through mail bring on average $7 for every dollar spent on those types of audits. In a report …

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CBO: Deficit to Go Up $4T Under Fiscal Cliff Tax Deal

Under current law as it stands, the Congressional Budget Office is estimating the tax deal passed by Congress to avert the fiscal cliff will add $3.9 trillion to the deficit over the next decade, The Hill newspaper reports. Peter Schroeder writes $3.6 trillion of that figure results from lower rates …

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