Recent reports have revealed that IRS is asking tax payers in USA to take some time when they are filing their tax returns for fiscal 2008. Internal Revenue Service has asked tax payers to be aware of possibilities of tax breaks that may be provided to them given their respective tax situations.
As per IRS of US a number of tax payers while filing their tax returns in 2009 fiscal have been failing to take advantage of refunds that are being provided against taxes such as telephone excise taxes. IRS in US has also reported that a number of tax payers have also missed out on other tax benefits like Earned Income Tax Credit. IRS at US has stated that nowadays tax payers are not availing various tax filing facilities that are provided to them for free of cost.
Mark W. Everson who is commissioner of IRS has said that tax payers need to be claiming tax benefits that they are eligible for as otherwise they would not be getting that money. He says that is a big wastage given present economic conditions throughout this country.
IRS has observed that in recent years that some tax payers in US have missed out on tax credits and other benefits that were due to them owing to fact that they did not owe any taxes and were thus not bound by laws to file a tax return. A number of legislators in USA have asked Doug Shulman head honcho of IRS whether tax burden being imposed on small business enterprises is too much for them. They have also quizzed him regarding implications of same in context of overall US economic development.
Nydia Velazquez who is chairperson of House Small Business Committee has said that audits of small business enterprises has gone up at a rate of 41 percent in 2007 fiscal compared to 2005 fiscal. For major business organizations rate of audits done by IRS has gone down at a rate of 40 percent in similar period. Shulman has however replied that a number of steps are being taken by Internal Revenue Service to make sure that small business enterprises do not have to face up to an even bigger financial burden as they are battered by global financial downturn.