New report shows tax owed to the US government from cross-border transactions doesn't add up
As much as $123bn (£86bn) of taxes is owed to the Internal Revenue Service from cross-border transactions, however this figure is questionable, according to a new report.
The treasury inspector general for tax administration said the IRS is yet to develop an accurate system for measuring the size of the international tax gap, according to webcpa.com
The report suggests the tax gap could range from $40bn to $123bn in taxes owed.
It is believed the IRS has no plans to develop a more accurate system for measuring the international tax gap, citing cost, staffing and technical limitations.
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