News / Article

IRS Lacks Control Over Domestic Production Deduction

Source: tax-news.com - Nov 14, 2016

The US Internal Revenue Service (IRS) has not put adequate controls in place to ensure that businesses properly claim the Domestic Production Activities Deduction (DPAD) on their tax returns, according to a report from the Treasury Inspector General for Tax Administration (TIGTA).

The DPAD, introduced from 2005, is intended to enhance the ability of domestic businesses and manufacturing firms to compete in the global marketplace. Specifically, the deduction gives taxpayers an incentive to participate in qualifying productive activities in the United States.

CLICK SOURCE TO READ ENTIRE ARTICLE

Category: IRS