If you think all the sectors in America are hit by recession then think again, besides installing solar energy panels, the IRS, a vanguard organization for public services has plenty of job opportunities available with it.
President Obama believes that an 8% hike would aid IRS in collecting an additional $17 Bn taxes via rampant tax enforcements. Obama has thereby increased the funding for IRS by $400 million for the 2010 fiscal year.
I see the noose tightening around corporate giants as the IRS Commissioner, Doug Shulman remarked that most of the funding would be used to monitor and enforce taxes on the international operations of such companies. The Obama administration intends to keep a tab on businesses that push filing for taxes by blaming the delay or lack of payment of taxes on the complexness of the capital markets overseas.
Shulman remarked that until now, IRS did not have sufficient resources to keep track of corporate taxpayers who operate in markets overseas. Shulman said that these corporates had enormous amounts of funds to hire tax and legal experts. This meant that the IRS was short of resources and overwhelmed by such returns. He feels that the IRS should recruit and retain experts in economics, examiners, law, finance and special agents who could explore the complex and advanced global tax matters. I feel that this is the major shortcoming of the IRS until now.
To me this feels like a bright future for all the personnel in corporate taxes who would want to jump the bandwagon into government sector. This would be truer for people who are skilled in areas of hybrid structures, financial instruments, tax withholdings and transfer pricing. There is better news for people who possess IT skills as IRS’s report lists that its plan to implement an online portal was a huge flop in the year 2008 post two years of efforts.
The reports state that the portal did not have a feasible, stipulator agreed, and an enterprise wide strategy. It lists furthermore that the organization in charge for formulating this project had had experienced financial challenges and therefore the CIO decided against funding the project as further advancement would have meant expenses on equipments. I feel this is unjustified as this project would have cost a mere $19.5 Mn, had it seen the light of the day.
Are the corporate tax pros listening to IRS? I feel this is an excellent opportunity for all you people out there.
