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Federal Tax Deposit System: IRS Can Improve the Federal Tax Deposit System

  Premium   Download PDF Now (30 pages)
Report Type Reports and Testimonies
Report Date April 28, 1993
Report No. AFMD-93-40
Subject
Summary:

The current paper-based federal tax deposit system, which collects about 80 percent of the Internal Revenue Service's (IRS) tax receipts, is extremely error prone. Resolving these mistakes is both expensive and time-consuming. In addition, the system costs the Treasury Department about $145 million annually because of a 1-day delay in funds available to Treasury. In trying to improve the system, Treasury has concentrated on automating the existing process rather than on resolving problems that arise from matching information on the tax returns to payment data on federal tax deposit coupons. Although Treasury's plan would achieve an important goal--accelerating the government's cash collections--it would do little to overcome systemic problems that burden taxpayers and reduce IRS productivity. Treasury has, however, recently changed its mind on automation efforts and plans to address how the accounting and payment data should be collected.

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