IRS will review art appraisals before returns are filed

Article Abstract:

The IRS will approve or disapprove a valuation of an art object worth $50,000 or more for income, gift or estate tax purposes for taxpayers requesting under Revenue Procedure 96-15. Art objects covered by the procedure are paintings, sculpture, prints, antique furniture, carpets, silver, rare manuscripts, historical memorabilia and other similar objects. Under the new procedure, the IRS will release Statements of Value indicating approval or disapproval of appraisals. If one item was valued at $50,000, a taxpayer may add less valuable articles in a request. Submission of requests may be made after Jan. 15, 1996. The taxpayer must personally sign the request for a Statement of Value and tendered before the due data of the tax return to which it relates. Appraisals made more than 60 days before the valuation data are not accepted.

Art objects

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GAO report tells why IRS takes more time collecting less taxes

Article Abstract:

The GAO explained why the IRS is not effectively auditing large corporations in a report issued Apr 1997. 'Tax Administration: Factors Affecting Results from Audit of Large Corporations' is the second of two papers focusing on large corporations. In the latest report, the office pinpointed four areas that negatively influence IRS audits of major corporations: complexity and vagueness of tax laws, the use of different performance measures by Examination and Appeals Divisions, the difficulty encountered by IRS agents in developing issues that can survive appeals, and the absence of communications between the Examination and Appeals Divisions. Five recommendations for solving the last two problems were discussed in the report.

Big business, United States. Government Accountability Office

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More than 100 million individual returns filed

Article Abstract:

The IRS's Statistics of Income for 1985 show that over 100 million individual income returns were filed during 1985. The 2.3 percent increase in individual returns was partly due to the continuing decline in the number of joint returns filed. Adjusted gross income increased by 8.5 percent, but the tax base did not show a comparable increase because of the exemptions and deductions established by the Economic Recovery Tax Act of 1981. Total itemized deductions in 1985 increased by 11.7 percent over 1984.

Statistics, Tax returns

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