Third party payers, often businesses, reported $6

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Tax Gap: IRS Could Do More to Promote Compliance by Third Parties with Miscellaneous Income Reporting Requirements

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By James R. White (au)
Year: 2009
Pages: 58
Binding Paperback

Product Code: 1437914160

Description

Third party payers, often businesses, reported $6 trillion in miscellaneous income payments to IRS in tax year 2006 on Form 1099- MISC information returns. Payees are to report this income on their tax returns. Even a small share of payers failing to submit 1099-MISCs could result in billions of dollars of unreported payments. IRS data suggest that payees are more likely to report income on their tax returns if IRS receives payers' information returns. This report examines 1099- MISC reporting including the extent to which payers fail to submit 1099-MISCs; impediments to payers to submitting 1099-MISCs; and whether IRS could better use the 1099-MISCs it currently receives. Charts and tables.

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