The US Treasury Department is planning to conduct an annual tax survey on some of the nation’s largest businesses, Dow Jones reported on Monday.
The survey, to be conducted by the Internal Revenue Service, is likely to cover around 175 of America’s largest enterprises, and the data collected will be used improve the quality of the Statistics of Income (SOI) advance tax data, the report indicated.
The new survey will also allow the SOI to collect existing tax information earlier than IRS methods currently allow, the Treasury stated in a filing published in the federal register earlier this week.
The filing added that advance tax data has been requested by several governmental offices, including the Bureau of Economic Analysis in the Commerce Department, the Office of Tax Analysis in the Department of the Treasury, and the Joint Committee on Tax Analysis.
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