Is it a new horror film? Not exactly.In a November 28 letter to IRS Commissioner Douglas Shulman, Congressman Frank Wolf, a Republican from Virginia, wants to know how many hours IRS employees spent reviewing General Electric's massive 2010 tax return and what it cost the taxpayers.Wolf says that, according to an article on the Weekly Standard's website, if printed out, GE's 2010 electronic tax filing "would be the equivalent to 57,000 printed pages." If those pages were stacked, they would stand more than 19 feet tall - 19 feet! (Now that's a monster if ever I've heard of one.)According to Wolf, "A return of this magnitude was clearly necessary to take advantage of every loophole and earmark in the tax code to avoid paying federal taxes." (May I note that "every loophole and earmark" in the tax code was put there by the United States Congress.)
View TaxAnalysts' Chris Bergin's opinion in its entirety on TAX.com.
Discover the features and benefits of LexisNexis® Tax Center
For quality Tax & Accounting research resources, visit the LexisNexis® Store