FEDERALhearing transcript

Senate Hearing on Tax Gap and Offshore Tax Evasion

Original title: CLOSING THE TAX GAP: LOST REVENUE FROM NONCOMPLIANCE AND THE ROLE OF OFFSHORE TAX EVASION

January 1, 2022

taxation IRS tax evasion federal revenue offshore accounts tax compliance

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The Frame

What this does

The hearing explores potential legislative and administrative changes to IRS enforcement and tax reporting requirements that could impact how federal tax revenue is collected and how taxpayers are audited.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

U.S. Taxpayers

Taxpayers may be subject to future changes in IRS enforcement policies or reporting requirements discussed during the hearing.

Americans living abroad

Individuals living overseas are affected by tax regulations concerning offshore assets and reporting requirements.

What changed

Last recorded activity January 1, 2022.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a May 11, 2021, Senate subcommittee hearing regarding the ',' which refers to the difference between taxes owed and taxes actually paid. Witnesses and senators discussed strategies for improving tax compliance and addressing the role of in lost federal revenue.

Key Facts

The hearing was held on May 11, 2021, by the Senate Subcommittee on Taxation and IRS Oversight.
The primary focus was the 'tax gap,' defined as the difference between taxes owed to the federal government and taxes actually paid.
The hearing examined the role of offshore tax evasion in contributing to the tax gap.
Testimony was provided by officials from the Treasury Department and the IRS, as well as tax policy experts.
The record includes written statements and responses to questions from subcommittee members regarding tax enforcement strategies.
Numerous advocacy groups and organizations submitted communications for the record, including the American Bankers Association and various groups representing Americans living abroad.

Frequently Asked Questions

What is the 'tax gap'?

The is the difference between the total amount of tax that taxpayers owe to the federal government and the amount that is actually paid on time.

What was the purpose of this hearing?

The hearing was held to discuss the causes of the , specifically focusing on and the use of offshore accounts to avoid tax obligations.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Offshore Enforcement

The hearing highlights a specific legislative interest in targeting offshore financial structures as a means to recover lost federal revenue.

Internal Revenue Service Department of the Treasury

Connected Entities

personNina E. Olson“Executive Director, Center for Taxpayer Rights”Map →

personBarry Johnson“Acting Chief, Research and Analytics, IRS”Map →

personCharles O. Rossotti“Former IRS Commissioner”Map →

personJ. Russell George“Treasury Inspector General for Tax Administration”Map →

personJohn Thune“Ranking member of the subcommittee”Map →

personDouglas O'Donnell“Deputy Commissioner, Services and Enforcement, IRS”Map →

personSheldon Whitehouse“Chairman of the Subcommittee on Taxation and IRS Oversight”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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