The Traderszone Network

Published in TZ Latest News 8 May, 2014 by The TZ Newswire Staff

U.S. could lose $3 billion as budget forces fewer tax audits -IRS chief

The U.S. federal government could lose almost $3 billion in revenue during the current fiscal year because budget cuts are forcing the tax-collecting Internal Revenue Service to audit fewer people, the agency’s chief said on Wednesday. Testifying before a congressional panel, IRS Commissioner John Koskinen said the IRS will audit 100,000 fewer individuals this year as part of congressionally mandated cuts to the tax agency’s budget. In 2013, total IRS audits fell by 5 percent from 2012 to reach the lowest level since 2008.

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