DOCSLIB.ORG

Taxpayer First Act Report to Congress

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Taxpayer First Act Report to Congress TAXPAYER FIRST ACT REPORT TO CONGRESS January 2021 Internal Revenue Service | Taxpayer First Act 1 Publication 5426 (1-2021) Catalog Number 74637F Department of the Treasury Internal Revenue Service www.irs.gov TABLE OF CONTENTS PROLOGUE 7 SECTION 1 1.0 COMMISSIONER’S WELCOME 11 SECTION 2 2.0 EXECUTIVE SUMMARY 14 SECTION 3 3.0 OUR APPROACH 28 4.0 TAXPAYER EXPERIENCE STRATEGY 33 SECTION 4 4.1 INTRODUCTION AND EXPLANATION OF STRATEGY 34 4.2 MEASURING SUCCESS 38 4.3 EXPANDED DIGITAL SERVICES 41 4.4 SEAMLESS EXPERIENCE 46 4.5 PROACTIVE OUTREACH AND EDUCATION 53 4.6 COMMUNITY OF PARTNERS 58 4.7 FOCUSED STRATEGIES FOR REACHING UNDERSERVED COMMUNITIES 63 4.8 ENTERPRISE DATA MANAGEMENT AND ADVANCED ANALYTICS 69 SECTION 5 5.0 TRAINING STRATEGY 73 5.1 INTRODUCTION AND EXPLANATION OF STRATEGY 74 5.2 IRS UNIVERSITY 77 5.3 TAXPAYER-FIRST TRAINING 80 5.4 CONTINUOUS LEARNING FOR ALL EMPLOYEES 81 5.5 UTILIZING TECHNOLOGY 85 5.6 MEASURING SUCCESS 86 2 TABLE OF CONTENTS SECTION 6 6.0 ORGANIZATIONAL REDESIGN STRATEGY 93 6.1 INTRODUCTION AND EXPLANATION OF STRATEGY 94 6.2 PROPOSED FUTURE ORGANIZATIONAL STRUCTURE AND DIVISIONS 96 6.3 COMMISSIONER DIRECT REPORTS 97 6.4 RELATIONSHIPS AND SERVICES DIVISION 105 6.5 COMPLIANCE DIVISION 110 6.6 ENTERPRISE CHANGE AND INNOVATION DIVISION 113 6.7 OPERATIONS MANAGEMENT DIVISION 116 6.8 INFORMATION TECHNOLOGY DIVISION 118 6.9 MEASURING SUCCESS AND ADDITIONAL CONSIDERATIONS 120 6.9.1 MEASURING SUCCESS 120 6.9.2 NON-STRUCTURAL COMPONENTS CRITICAL TO SUCCESS 124 SECTION 7 7.0 KEY CONSIDERATIONS 128 7.1 INTERNAL REVENUE MANUAL GUIDANCE 130 7.2 CHANGE MANAGEMENT 131 7.3 COMMUNICATIONS PLAN 133 7.4 RESOURCE CONSIDERATIONS 134 SECTION 8 8.0 IRS NEXT STEPS 137 3 TABLE OF CONTENTS SECTION 9 9.0 APPENDIX 140 9.1 METHODOLOGY OVERVIEW 141 9.1.1 ESTABLISHING THE TAXPAYER FIRST ACT OFFICE 141 9.1.2 RESEARCH AND INFORMATION GATHERING 141 9.2 STRATEGIC ALIGNMENT 144 9.3 STATUS OF THE 42 OPERATING DIVISION PROVISIONS 145 9.3.1 EXECUTING DIVISION PROVISIONS 147 9.4 COMMUNICATIONS AND OUTREACH 151 9.4.1 INTERNAL COMMUNICATIONS VEHICLES 151 9.4. INTERNAL OUTREACH ACTIVITIES 160 9.4.3 INTERNAL COMMUNICATIONS AND OUTREACH ACTIVITIES ANALYSIS 163 9.4.4 EXTERNAL COMMUNICATION VEHICLES 164 9.4.5 EXTERNAL OUTREACH ACTIVITIES 166 9.4.6 EXTERNAL COMMUNICATIONS AND OUTREACH ACTIVITIES ANALYSIS 174 9.5 COSTING METHODOLOGIES AND DETAILED COSTS 175 9.5.1 COSTING METHODOLOGIES 175 9.5.2 ESTIMATED COSTS 178 9.6 TAXPAYER EXPERIENCE ADDITIONAL INFORMATION 181 9.6.1 STRATEGIC GOAL: UNDERSTAND, INFORM AND EDUCATE TAXPAYERS 182 9.6.2 STRATEGIC GOAL: PROVIDE A SEAMLESS TAXPAYER EXPERIENCE 187 9.6.3 STRATEGIC GOAL: EMPOWER, EQUIP AND ENABLE WORKFORCE 192 9.6.4 ENABLERS 196 4 TABLE OF CONTENTS 9.6.5 INTERNAL REVENUE MANUAL ADDITIONAL SECTION 9 INFORMATION 197 9.7 ORGANIZATIONAL REDESIGN ADDITIONAL INFORMATION 198 9.7.1 COMMISSIONER DIRECT REPORTS ALIGNMENT TO OVERSIGHT RECOMMENDATIONS 200 9.7.2 RELATIONSHIPS AND SERVICES DIVISION ALIGNMENT TO OVERSIGHT RECOMMENDATIONS 202 9.7.3 COMPLIANCE DIVISION ALIGNMENT TO OVERSIGHT RECOMMENDATIONS 203 9.7.4 ENTERPRISE CHANGE AND INNOVATION DIVISION ALIGNMENT TO OVERSIGHT RECOMMENDATIONS 204 9.7.5 OPERATIONS MANAGEMENT DIVISION ALIGNMENT TO OVERSIGHT RECOMMENDATIONS 205 9.7.6 INFORMATION TECHNOLOGY DIVISION ALIGNMENT TO OVERSIGHT RECOMMENDATIONS 205 9.7.7 CRIMINAL INVESTIGATION 206 9.7.8 CYBERSECURITY 210 9.7.9 POLICY AND LEGISLATION 214 9.7.10 EXTERNAL OVERSIGHT AND ADVISORY 215 9.7.11 GOVERNANCE 216 9.7.12 CURRENT TO FUTURE ORGANIZATIONAL STRUCTURE CROSSWALK 220 9.8 FUNDING ALIGNMENT 221 9.8.1 NEW APPROPRIATIONS STRUCTURE 221 9.8.2 ORGANIZATIONAL ALLOCATION OF FUNDING 223 5 TABLE OF CONTENTS SECTION 10 10.0 BIBLIOGRAPHY 224 10.1 OVERSIGHT REPORTS, TESTIMONIES AND RECOMMENDATIONS 224 10.2 CUSTOMER SATISFACTION SURVEY RESULTS 232 10.3 PUBLICATIONS, STUDIES, BRIEFINGS AND STATUES 237 6 PROLOGUE PROLOGUE The Taxpayer First Act (TFA) was enacted on July 1st, 2019 with strong bipartisan support to re- imagine and enhance the way we serve taxpayers, continue to enforce the tax laws in a fair and impartial manner, and train IRS employees to deliver a world-class customer experience. The Act consists of 45 provisions, including specic mandates to improve the taxpayer experience. There are three provisions requiring the development of the critical plans included in this report (Taxpayer Experience, Training, and Organizational Redesign). These plans lay out a vision to revolutionize tax administration in our country for the 253 million citizens who interact with the IRS annually, and ensure that the $3.6 trillion of federal revenue that the IRS collects annually will continue. This is an aspirational vision that builds on work that is already underway and provides an investment framework for evaluating IRS funding levels in future years. However, without the commitment of signicant multi-year funding, the IRS cannot make the taxpayer improvements necessary to maintain trust and condence in the federal government and its tax collection system. High-quality, personalized service is key to helping taxpayers understand and comply with their ling and reporting obligations, well-trained employees provide excellent taxpayer service, and a streamlined organizational structure makes it easier for taxpayers and employees to navigate the agency and get the help they need when they need it. Strong technology infrastructure is critical to delivering on this vision. The Integrated Modernization Business Plan, delivered in April 2019, was developed to establish the underlying infrastructure required to modernize the IRS. However, the initial funding requested for modernization only takes us so far. While the Integrated Modernization Business Plan lays the foundation for improving the taxpayer and employee experience, the Taxpayer First Act requires us to build upon this foundation to deliver the experience taxpayers expect. The IRS currently estimates that full implementation of the Taxpayer First Act plans and Integrated Modernization Business Plan would cost $4.1 billion over the ve-year period from FY2021 – FY2025 broken into three broad categories: • TFA Legislatively Mandated Provisions: $550 million over ve years to implement specic mandates outlined in the act, apart from the development and implementation of strategies • TFA Strategy Development and Implementation: $1.6 billion over ve years to develop and implement the Taxpayer Experience, Training and Organizational Redesign plans required by the TFA • IRS Modernization Plan: $1.9 billion associated with achieving necessary modernization of IRS systems, cybersecurity and operations Additional costing details can be found in the Appendix 9.5.2. Internal Revenue Service | Taxpayer First Act 7 7 PROLOGUE In addition, in FY2020 the IRS spent $68 million on the implementation of TFA legislatively mandated provisions. FY2020 expenses were funded out of our original budget allocation as no funding was specically appropriated to cover those needs. Our FY2021 budget submission requested funding of $106 million for implementation of the legislatively mandated provisions of the Taxpayer First Act and $300 million for the Modernization Plan. The TFA mandates included in the Act are aimed at strengthening taxpayer rights, modernizing the IRS and combating identity theft and fraud. The IRS estimates that full implementation of these requirements by FY2025 would cost an additional $444 million, roughly $111 million per year, above the amounts previously committed or requested. Some of the provisions that require signicant additional investments include: • Provision 1001, Establishment of IRS Independent Office of Appeals: Renames the IRS Office of Appeals as the IRS Independent Office of Appeals and adds new rules that require the Independent Office of Appeals to make its referred case les available to: • Individuals with adjusted gross incomes of $400,000 or less for the tax year to which the dispute relates; • Entities with gross receipts of $5 million or less for the tax year to which the dispute relates. In addition, when the IRS or Chief Counsel has issued a notice of deciency to a taxpayer and denies the taxpayer’s request for referral to the IRS Independent Office of Appeals, the IRS must now issue a notice to explain the reasons. It also needs to tell the taxpayer how to protest the denial. • Provision 2102, Internet Platform for 1099 Filings: Requires the IRS to develop an Internet portal by Jan. 1, 2023 that allows taxpayers to electronically le Forms 1099. The website will provide taxpayers with IRS resources and guidance, and allow them to prepare, le and distribute Forms 1099, and create and maintain tax records. • Provision 2005, Identity Protection Personal Identication Numbers: Requires the Secretary to establish a program to issue an Identity Protection (IP) PIN to any U.S. resident who requests one. Additionally, the Act requires the Secretary to expand the issuance of IP PINs every year and ensure nationwide availability within ve years. • Provision 3101, Mandatory E-ling by Exempt Organizations: Extends the requirement to e-le to all tax-exempt organizations required to le statements or returns in the Form 990 series or Form 8872 (Political Organization Report of Contributions and Expenditures). The Act also requires that the IRS make the information provided on the forms available to the public in a machine-readable format as soon as possible. Internal Revenue Service | Taxpayer First Act 8 8 PROLOGUE The IRS stands ready to begin a new era in tax administration
Load more

Recommended publications
  • The Offshore Tax Enforcement Dragnet
    Emory Law Journal Volume 67 Issue 4 2018 The Offshore Tax Enforcement Dragnet Shu-Yi Oei Follow this and additional works at: https://scholarlycommons.law.emory.edu/elj Recommended Citation Shu-Yi Oei, The Offshore Tax Enforcement Dragnet, 67 Emory L. J. 655 (2018). Available at: https://scholarlycommons.law.emory.edu/elj/vol67/iss4/1 This Article is brought to you for free and open access by the Journals at Emory Law Scholarly Commons. It has been accepted for inclusion in Emory Law Journal by an authorized editor of Emory Law Scholarly Commons. For more information, please contact [email protected]. OEI GALLEYPROOFS 4/23/2018 12:07 PM THE OFFSHORE TAX ENFORCEMENT DRAGNET Shu-Yi Oei* ABSTRACT Taxpayers who hide assets abroad to evade taxes present a serious enforcement challenge for the United States. In response, the United States has developed a family of initiatives that punish and rehabilitate non-compliant taxpayers, raise revenues, and require widespread reporting of offshore financial information by financial institutions and taxpayers. Yet, while these initiatives help catch willful tax cheats, they have also adversely affected immigrants, Americans living abroad, and “accidental Americans.” This Article critiques the United States’ offshore tax enforcement initiatives, such as the Foreign Account Tax Compliant Act and the Internal Revenue Service’s offshore voluntary disclosure programs. It argues that the United States has been overly focused on two policy priorities in designing enforcement at the expense of competing considerations: First, the United States has attempted to equalize enforcement against taxpayers with solely domestic holdings and those with harder-to-detect offshore holdings by imposing harsher reporting requirements and penalties on the latter.
    [Show full text]
  • Senate Bill 2198, Taxpayer Compliance Improvement Act of 1982
    UNITED STATES GENERAL ACCOUNTING OFFICE - WASHINGTON, D.C. 20548 FOR RELEjhSE ON DELIVERY EXPECTED AT LO:00 &$.[*I. EST MONDAY, MARCH 22, 1982 STATEMENT OF WILLIAM J. ANDERSON, DIRECTOR, GENERAL GOVERNMENTDIVISION , BEFORE THE SUBCOMMITTEE ON OVERSIGHT OF THE INTERNAL REVENUE SERVICE OF THE SENATE COMMITTEE ON FINANCE ON ( S~~NATEBILL 2198, TAXPAYER COMPLIANCE IMPkOVEMENT ACT OF 1982 1 I 117850 Mr. Chairman and Members of the Subcommittee: We are pleased to be here today to assist your Subcommittee in considering the problem of the income tax compliance gap and the need for 5.2198, the Taxpayer Compliance Improvement Act of 1982, to help address this problem. Ourr testimony is based pri- marily on our overall experience gained from conducting audits of tax administration operations and activities over the past several years. We first addressed the issue of unreported income in July 1979 l At that time, we issued a comprehensive report in which we estimated that about 5 million individuals and couples owing about $2 billion in taxes did not file tax returns for tax year 1972, the year for which the most current data was available for analysis. We also estimated that IRS had only been able to secure delinquent returns from about 12 percent of the estimated 5 mil- lion nonfilers. Since July 1979, we have issued numerous reports and provided extensive testimony addressing IRS' &x administra- tion activities and the actions needed to improve IRS' compli- ance enforcement efforts, particularly against, the unreported income problem. We are also presently conducting several reviews of various IRS programs which are directed wholly or partially at addressing the unreported income problem.
    [Show full text]
  • Aug-Sept 2016
    The Goodnewsletter A Newsletter for Members of St. Ann, St. Vincent de Paul & St. Patrick Parishes Stannlenox.org/[email protected] 134 Main St., Lenox, MA 01240 (413) 637-0157 Volume 4 - Issue 2 September 2016 A NOTE FROM OUR PASTOR . On June 20th, our first parish meeting was held in the Family Center. There were some 55 people in attendance. To prepare for the parish meeting a survey was posted on the parish website and available for parishioners to answer. Some submitted an available paper survey. The results are posted on the parish web site and will remain available for anyone to consult throughout the year. Some 58 persons answered the survey. The results ran to some 50+ pages. A synthesis of the material will be posted on the website soon. However, I urge everyone to read the survey responses. All of the responses were well thought out and cogently expressed. There seems to be a remark- able consensus on many mattes and a thoughtful disagreement on others. At the parish meeting, fortunately, it turns out; I was not able to present a synthesis of the survey because I could not hook up my laptop to the projector. As a happy consequence the conversation among the participants begins right away, based upon what they wanted to express and not as a response to my presentation. The conversation was spirited and fruitful. Participants focused on three overriding issues: faith formation, stabilizing our financial situation, and outreach in general but particularly to youth and young adults. A variety of views were expressed and differences were very respectfully express and received.
    [Show full text]
  • What They Wear the Observer | FEBRUARY 2020 | 1 in the Habit
    SPECIAL SECTION FEBRUARY 2020 Inside Poor Clare Colettines ....... 2 Benedictines of Marmion Abbey What .............................. 4 Everyday Wear for Priests ......... 6 Priests’ Vestments ...... 8 Deacons’ Attire .......................... 10 Monsignors’ They Attire .............. 12 Bishops’ Attire ........................... 14 — Text and photos by Amanda Hudson, news editor; design by Sharon Boehlefeld, features editor Wear Learn the names of the everyday and liturgical attire worn by bishops, monsignors, priests, deacons and religious in the Rockford Diocese. And learn what each piece of clothing means in the lives of those who have given themselves to the service of God. What They Wear The Observer | FEBRUARY 2020 | 1 In the Habit Mother Habits Span Centuries Dominica Stein, PCC he wearing n The hood — of habits in humility; religious com- n The belt — purity; munities goes and Tback to the early 300s. n The scapular — The Armenian manual labor. monks founded by For women, a veil Eustatius in 318 was part of the habit, were the first to originating from the have their entire rite of consecrated community virgins as a bride of dress alike. Belt placement Christ. Using a veil was Having “the members an adaptation of the societal practice (dress) the same,” says where married women covered their Mother Dominica Stein, hair when in public. Poor Clare Colettines, “was a Putting on the habit was an symbol of unity. The wearing of outward sign of profession in a the habit was a symbol of leaving religious order. Early on, those the secular life to give oneself to joining an order were clothed in the God.” order’s habit almost immediately.
    [Show full text]
  • How Do Cardinals Choose Which Hat to Wear?
    How Do Cardinals Choose Which Hat to Wear? By Forrest Wickman March 12, 2013 6:30 PM A cardinal adjusts his mitre cap. Photo by Alessia Pierdomenico/Reuters One-hundred-fifteen Roman Catholic cardinals locked themselves up in the Vatican today to select the church’s next pope. In pictures of the cardinals, they were shown wearing a variety of unusual hats. How do cardinals choose their hats? To suit the occasion, to represent their homeland, or, sometimes, to make a personal statement. Cardinals primarily wear one of three different types. The most basic hat is a skullcap called the zucchetto (pl. zucchetti), which is a simple round hat that looks like a beanie or yarmulke. Next is the collapsible biretta, a taller, square-ridged cap with three peaks on top. There are certain times when it’s customary to put on the biretta, such as when entering and leaving church for Mass, but it’s often just personal preference. Cardinals wear both of these hats in red, which symbolizes how each cardinal should be willing to spill his blood for the church. (The zucchetto is actually worn beneath the biretta.) Some cardinals also wear regional variations on the hat, such as the Spanish style, which features four peaks instead of three. On special occasions, such as when preparing to elect the next leader of their church, they may also wear a mitre, which is a tall and usually white pointed hat. The mitre is the same style of cap commonly worn by the pope, and it comes in three different styles with varying degrees of ornamentation, according to the occasion.
    [Show full text]
  • Taxpayer First Act of 2019 R E P O R T Committee On
    1 116TH CONGRESS " ! REPT. 116–39 1st Session HOUSE OF REPRESENTATIVES Part 1 TAXPAYER FIRST ACT OF 2019 R E P O R T OF THE COMMITTEE ON WAYS AND MEANS HOUSE OF REPRESENTATIVES ON H.R. 1957 [Including cost estimate of the Congressional Budget Office] APRIL 9, 2019.—Ordered to be printed VerDate Sep 11 2014 07:28 Apr 16, 2019 Jkt 089006 PO 00000 Frm 00001 Fmt 6012 Sfmt 6012 E:\HR\OC\HR039P1.XXX HR039P1 SSpencer on DSKBBXCHB2PROD with REPORTS E:\Seals\Congress.#13 TAXPAYER FIRST ACT OF 2019 VerDate Sep 11 2014 07:28 Apr 16, 2019 Jkt 089006 PO 00000 Frm 00002 Fmt 6019 Sfmt 6019 E:\HR\OC\HR039P1.XXX HR039P1 SSpencer on DSKBBXCHB2PROD with REPORTS with DSKBBXCHB2PROD on SSpencer 1 116TH CONGRESS " ! REPT. 116–39 1st Session HOUSE OF REPRESENTATIVES Part 1 TAXPAYER FIRST ACT OF 2019 R E P O R T OF THE COMMITTEE ON WAYS AND MEANS HOUSE OF REPRESENTATIVES ON H.R. 1957 [Including cost estimate of the Congressional Budget Office] APRIL 9, 2019.—Ordered to be printed U.S. GOVERNMENT PUBLISHING OFFICE 89–006 WASHINGTON : 2019 VerDate Sep 11 2014 07:28 Apr 16, 2019 Jkt 089006 PO 00000 Frm 00003 Fmt 4012 Sfmt 4012 E:\HR\OC\HR039P1.XXX HR039P1 SSpencer on DSKBBXCHB2PROD with REPORTS E:\Seals\Congress.#13 VerDate Sep 11 2014 07:28 Apr 16, 2019 Jkt 089006 PO 00000 Frm 00004 Fmt 4012 Sfmt 4012 E:\HR\OC\HR039P1.XXX HR039P1 SSpencer on DSKBBXCHB2PROD with REPORTS C O N T E N T S Page I.
    [Show full text]
  • Faith Formation Resource to Welcome Cardinal Joseph W. Tobin As the Sixth Archbishop of Newark
    1 Faith Formation Resource to Welcome Cardinal Joseph W. Tobin as the Sixth Archbishop of Newark This catechetical tool is available for use throughout the Archdiocese of Newark to provide resources for catechists to seize this teachable and historical moment. The objectives are listed by grade level and were taken from the Catechetical Curriculum Guidelines for the Archdiocese of Newark. Let us keep our new Archbishop in prayer. Kindergarten Focus - Many Signs of God’s Love Scripture – Genesis 1:31 – God looked at everything He had made, and found it very good. Objective: To help children grow in their understanding of the People of God as God’s family and as a sign of God’s love. Some ideas: o Share pictures of your parish pastor, Cardinal Tobin, and Pope Francis; Explain that they each serve God and our Catholic family in a special way, and Cardinal Tobin is now serving God in a special way as our new Archbishop. o Point out the Scarlet red color as a sign of being a Cardinal o Use the Cardinal and Pope Craft for Catholic Kids activity o Pray for Cardinal Tobin and the Archdiocese of Newark. For discussion: o Does God love us very much? (Yes) o How much does God love us? (Spread your arms wide to show how big God’s love is) o Because God loves us, He sends us good people to lead us in our Church, like Cardinal Tobin, our new Archbishop. o Let’s pray for Cardinal Tobin, and give thanks to God for His love.
    [Show full text]
  • Ten Strategies of a World-Class Cybersecurity Operations Center Conveys MITRE’S Expertise on Accumulated Expertise on Enterprise-Grade Computer Network Defense
    Bleed rule--remove from file Bleed rule--remove from file MITRE’s accumulated Ten Strategies of a World-Class Cybersecurity Operations Center conveys MITRE’s expertise on accumulated expertise on enterprise-grade computer network defense. It covers ten key qualities enterprise- grade of leading Cybersecurity Operations Centers (CSOCs), ranging from their structure and organization, computer MITRE network to processes that best enable effective and efficient operations, to approaches that extract maximum defense Ten Strategies of a World-Class value from CSOC technology investments. This book offers perspective and context for key decision Cybersecurity Operations Center points in structuring a CSOC and shows how to: • Find the right size and structure for the CSOC team Cybersecurity Operations Center a World-Class of Strategies Ten The MITRE Corporation is • Achieve effective placement within a larger organization that a not-for-profit organization enables CSOC operations that operates federally funded • Attract, retain, and grow the right staff and skills research and development • Prepare the CSOC team, technologies, and processes for agile, centers (FFRDCs). FFRDCs threat-based response are unique organizations that • Architect for large-scale data collection and analysis with a assist the U.S. government with limited budget scientific research and analysis, • Prioritize sensor placement and data feed choices across development and acquisition, enteprise systems, enclaves, networks, and perimeters and systems engineering and integration. We’re proud to have If you manage, work in, or are standing up a CSOC, this book is for you. served the public interest for It is also available on MITRE’s website, www.mitre.org. more than 50 years.
    [Show full text]
  • Investors' Reaction to a Reform of Corporate Income Taxation
    Investors' Reaction to a Reform of Corporate Income Taxation Dennis Voeller z (University of Mannheim) Jens M¨uller z (University of Graz) Draft: November 2011 Abstract: This paper investigates the stock market response to the corporate tax reform in Germany of 2008. The reform included a decrease in the statutary corporate income tax rate from 25% to 15% and a considerable reduction of interest taxation at the shareholder level. As a result, it provided for a higher tax benefit of debt. As it comprises changes in corporate taxation as well as the introduction of a final withholding tax on capital income, the German tax reform act of 2008 allows for a joint consideration of investors' reactions on both changes in corporate and personal income taxes. Analyzing company returns around fifteen events in 2006 and 2007 which mark important steps in the legislatory process preceding the passage of the reform, the study provides evidence on whether investors expect a reduction in their respective tax burden. Especially, it considers differences in investors' reactions depending on the financial structure of a company. While no significant average market reactions can be observed, the results suggest positive price reactions of highly levered companies. Keywords: Tax Reform, Corporate Income Tax, Stock Market Reaction JEL Classification: G30, G32, H25, H32 z University of Mannheim, Schloss Ostfl¨ugel,D-68161 Mannheim, Germany, [email protected]. z University of Graz, Universit¨atsstraße15, A-8010 Graz, Austria, [email protected]. 1 Introduction Previous literature provides evidence that companies adjust their capital structure as a response to changes in the tax treatment of different sources of finance.
    [Show full text]
  • 'Stewards of the Mysteries' Mystery of Holy
    ‘Stewards of the Mysteries’ Mystery of Holy Priesthood and Church Hierarchy “As the Father has sent me, even so send I you.” - John 20:21 Christ is the Image of the Father as one of the Holy Trinity. Before His ascension into heaven, Christ bestowed His Holy Spirit upon His Apostles and consecrated them to represent Him upon the Earth, with the Lord Himself acting through them. The Apostles ordained bishops after them as their successors. Just as Christ was surrounded by the Apostles on this earth, whom He also sent out as His hands and feet, so also the Apostles and bishops after them ordain presbyters (priests) who surround them in the Liturgy and are sent to perform the Holy Mysteries (except ordination and consecrating Holy Chrism oil). The deacons are ordained for angelic service in the Holy Altar, and in the Church generally. “As the Father has sent me, even so send I you.” - John 20:21 “Let nothing be done apart from the bishop. Without these three orders [deacons, priests, bishops] you cannot begin to speak of a church.” - St. Ignatius of Antioch (d. 108 A.D.) Bishops: Successors to the Apostles, as icons of Christ. Priests (Presbyters): Surround the bishop as the Apostles surrounded Christ, and in like manner are sent out by the bishop to serve the Holy Mysteries and preach the Gospel as icons of Christ under the bishop’s leadership. Deacons (literally ‘servants’): Represent the Holy Angels serving at the Altar of God. The bishop stands before the Holy Altar, and the priests surround the bishop around the Altar as the Apostles surrounded Christ.
    [Show full text]
  • How to Achieve Tax Compliance by the Wealthy: a Review of the Literature and Agenda for Policy
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by IRIHS - Institutional Repository at IHS How to Achieve Tax Compliance by the Wealthy: A Review of the Literature and Agenda for Policy Katharina Gangl1 Institute for Advanced Studies (IHS), Competence Centre: Insight Austria, Josefstädter Straße 39, 1080 Vienna, Austria, phone: +43 1599 91-147, e-mail: [email protected] University of Goettingen, Department of Economic and Social Psychology, Institute of Psychology, Göttingen, Germany Benno Torgler Queensland University of Technology, School of Economics and Finance and Centre for Behavioural Economics, Society and Technology (BEST), Brisbane, Australia, e-mail: [email protected] CREMA-Center for Research in Economics, Management and the Arts, Zurich, Switzerland Tax compliance by the wealthy is relevant not only because their contributions are essential to maintain public budgets and social equality, but because their (non)compliance behaviour and the perceived (un)fairness of their contributions can fuel social unrest. In this paper, after giving a brief history of taxing the wealthy, we review the existing theoretical, empirical and policy literature on their tax compliance. We discuss how and why the wealthy differ from less affluent taxpayers because of specific interrelated political, social and psychological conditions. Understanding the psychological mechanisms that determine the tax compliance of the wealthy can provide policy insights on how to better integrate the wealthy in the tax system. Therefore, the present review is also a starting point for new policy approaches to increase tax compliance and tax morale among the wealthy. Keywords: high net worth individuals, tax evasion, income tax.
    [Show full text]
  • The Corsini Collection: a Window on Renaissance Florence Exhibition Labels
    The Corsini Collection: A Window on Renaissance Florence Exhibition labels © Auckland Art Gallery Toi o Tāmaki, 2017 Reproduction in part or in whole of this document is prohibited without express written permission. The Corsini Family Members of the Corsini family settled in Florence in the middle of the 13th century, attaining leading roles in government, the law, trade and banking. During that time, the Republic of Florence became one of the mercantile and financial centres in the Western world. Along with other leading families, the Corsini name was interwoven with that of the powerful Medici until 1737, when the Medici line came to an end. The Corsini family can also claim illustrious members within the Catholic Church, including their family saint, Andrea Corsini, three cardinals and Pope Clement XII. Filippo Corsini was created Count Palatine in 1371 by the Emperor Charles IV, and in 1348 Tommaso Corsini encouraged the foundation of the Studio Fiorentino, the University of Florence. The family’s history is interwoven with that of the city and its citizens‚ politically, culturally and intellectually. Between 1650 and 1728, the family constructed what is the principal baroque edifice in the city, and their remarkable collection of Renaissance and Baroque art remains on display in Palazzo Corsini today. The Corsini Collection: A Window on Renaissance Florence paints a rare glimpse of family life and loyalties, their devotion to the city, and their place within Florence’s magnificent cultural heritage. Auckland Art Gallery Toi o Tāmaki is delighted that the Corsini family have generously allowed some of their treasures to travel so far from home.
    [Show full text]