Intent:  Not to Constrain Economic Growth Which Could Lead to Future Revenues David Lawder and Kim Dixon report that The Congressional Budget Office on Tuesday said Senate-passed legislation to avert the "fiscal cliff" would add nearly $4 trillion to federal deficits over a decade, largely because it would extend low tax rates for almost all Americans. ...

A $450B Annual Tax Gap Prompts Treasury to Pursue Aggressive Compliance Techniques Blake E. Christian explains why the IRS has an explicit focus and specific tactics. Here’s what to expect: increased regulation of tax professionals, more mandated disclosures, and an insistence on tax document matching. Plus, there will likely be an added focus on high-yield assessments. ...