Poster
06-16-2005, 02:03 PM
A GAO report shows that contractors are going out of business and then reforming without paying taxes. Thousands of contractors have been doing this for quite some time, some as long as two decades, and the IRS is short billions of dollars as a consequence.
"Step by step, we are identifying and closing the loopholes that have allowed federal contractors to ***** on their taxes," said Senator Norm Coleman (R-MN).
"One case study contractor has a 20-year history of opening a business, failing to remit taxes withheld from employees to IRS and then closing the business, only to start the cycle all over again and incur more tax debts almost immediately," said an excerpt from the GAO report.
For more info, see:
http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=8814098
"Step by step, we are identifying and closing the loopholes that have allowed federal contractors to ***** on their taxes," said Senator Norm Coleman (R-MN).
"One case study contractor has a 20-year history of opening a business, failing to remit taxes withheld from employees to IRS and then closing the business, only to start the cycle all over again and incur more tax debts almost immediately," said an excerpt from the GAO report.
For more info, see:
http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=8814098