About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GGD-76-4 1 (1975-08-01)

handle is hein.gao/gaobaaaqx0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON, D.C. t0548 B-137762 PUG 1 975 The Honorable Russell B. Long Vice Chairman, Joint Committee on Internal Revenue Taxation Congress of the United States Dear Mr. Vice Chairman: By letter dated June 18, 1973, the Joint Committee on Internal Revenue Taxation asked us to study all facets of Government regulation of the alcohol and tobacco industries. This report deals with one facet--the need for daily deposits of alcohol and tobacco excise tax payments which are made directly to the district offices of the Internal Revenue Service. The Internal Revenue Code (26 U.S.C. 5061 and 5703) gives the Secretary of the Treasury or his delegate the au- thority to prescribe by regulation the manner in which alco- hol and tobacco excise tax returns are to be filed. The regulations currently require the distilled spirits, wine, beer, and tobacco industries to file semimonthly tax returns, with payment, to the appropriate District Director of Inter- nal Revenue. During fiscal year 1974, the Service received 24,034 tax returns from these industries with related excise tax payments totaling about $6.8 billion. During our initial work at the Service's San Francisco District Office, we noted that deposits of alcohol and to- bacco excise tax payments were made to a Federal Reserve bank approximately once a week rather than daily. According to district office personnel, deposits were not made until there were from 70 to 100 items recorded on the certificates of deposit. Between January 1, 1974, and September 30, 1974, the San Francisco District received 3,077 tax returns totaling $290,220,482.89. We reviewed remittance data on six dis- tilled spirits, beer, and wine companies for the period. These companies accounted for $104,840,519.95, or 36 percent, of the taxes deposited by the district director in San Fran- cisco during the 9-month period. In no instance was a tax payment from any of these companies deposited on the date it was received, although GGD-76-4

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most