STS Tax Talk

STS Tax Talk 1

Congress is considering allowing the inner Revenue Service to record on taxpayers’ taxes debts to consumer credit bureaus. THE FEDERAL GOVERNMENT Accountability Office provided a report Wednesday to Senate Finance Committee chairman Max Baucus, D-Mont., and Senate Judiciary Committee rating member Charles Grassley, R-Iowa., on the factors for considering a congressional proposal to record tax debt to credit bureaus. 115 billion in business debt-and the IRS expends substantial resources seeking to collect this debt.

Unlike many other bills owed to the federal government, tax debts aren’t directly reported to the credit reporting agencies that gather and sell information about the credit history of people and businesses. The IRS is prohibited to directly record tax personal debt information to credit bureaus because long-standing Federal government law defends the privacy of any personally identifiable information reported to or developed by the IRS.

The IRS is, however, allowed to file tax liens on some taxes debts. However, a lot of the aggregate debts is concentrated among those owing huge amounts relatively. 310 billion. Some bills were in the collection process, where the IRS notifies the taxpayer of the debt and were subject to dispute by the taxpayer, while other debts were included in installment contracts.

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60 billion of the debts owed were in both of these categories. 110 billion of the total debt was classified by IRS as uncollectable. IRS files taxes liens on some tax debt and these liens are public record information that credit reporting agencies routinely grab and increase their data. Over half of the total amount owed was at the mercy of liens, cutting over the above categories. Several subject-matter specialists who the GAO spoke to said that it would be important to consider the IRS’s current use of taxes liens, which are known to credit reporting agencies already, as an alternative to directly reporting debts.

Another important factor would be the expected advantages of direct tax debts reporting. These experts suggested that such reporting could yield benefits such as increased revenue reduced or collected tax debt inventory. However, the National Taxpayer Advocate cautioned that such reporting could cause some taxpayers to choose not to file or file inaccurately if they know they owe money to the IRS.

Selection is next to recruitment. It is the procedure for choosing the best option candidates (Properly certified and competent) out of many interested candidates. It is an activity of selecting the rejecting and best the others. On this selection process, interested candidates are differentiated to be able to identify people that have a greater likelihood of success in a job.

Such applicants are selected and appointed. Selection is a poor function as it pertains to the elimination of unsuitable candidates. The right man for the right job’ is the essential concept in selection. Collection of suitable applicants is a responsible type of act as collection of unsuitable individuals for careers creates new problems before the business unit. For appropriate selection, scientific procedure needs to be followed. In recruitment potential employees are encouraged to apply for the jobs and in the selection; the best option applicants are selected out of the pool of applicants. The goal of both is to have the most suitable and most capable candidates for the Organization out of the pool of available and interested candidates.

The recruitment process widens the scope for selection and wide choice for selecting the best candidates out of several interested. Recruitment and selection need extended and scientific method particularly in the case of managerial posts. Such lengthy procedure must be followed for scientific collection of employees. Resources of recruitment will be at the outlets by which suitable candidates can be found.

The Following chart shows the sources of recruitment at supervisory and managerial levels. In the selection procedure, out of the available / interested applicants, the best one is selected through a written test, emotional lab tests, personal interview, and medical examination. Such lengthy process is followed to be able to select the most suitable candidate.

The selection process is a verification process. It is a type of hurdle race to the applicants. Final selection is possible only when the candidate completes this hurdle race successfully. Lengthy selection procedure is needed for scientific selection of candidates. Steps involved in the selection process are: -1. Job Evaluation: job evaluation prepares proper history for selection and recruitment.