Department of the Treasury (21 - 30 of 2,766 items)
Financial Audit: Bureau of the Fiscal Service's Fiscal Years 2016 and 2015 Schedules of Federal Debt
GAO-17-104: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
In GAO's opinion, the Bureau of the Fiscal Service's (Fiscal Service) Schedules of Federal Debt for fiscal years 2016 and 2015 were fairly presented in all material respects, and Fiscal Service maintained, in all material respects, effective internal control over financial reporting relevant to the Schedule of Federal Debt as of September 30, 2016. GAO's tests disclosed no instances of reportable...
Financial Audit: IRS's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-140: Published: Nov 10, 2016. Publicly Released: Nov 10, 2016.
In GAO's opinion, the Internal Revenue Service's (IRS) fiscal years 2016 and 2015 financial statements are fairly presented in all material respects. However, in GAO's opinion, IRS did not maintain effective internal control over financial reporting as of September 30, 2016, because of a continuing material weakness in internal control over unpaid assessments. GAO's tests of IRS's compliance with...
Independent Auditor's Report on Applying Agreed-Upon Procedures: Fiscal Year 2016 Excise Tax Distributions to the Airport and Airway Trust Fund and the Highway Trust Fund
GAO-17-157R: Published: Nov 9, 2016. Publicly Released: Nov 9, 2016.
GAO performed the procedures contained in the enclosures to this report, which it agreed to perform solely to assist the Department of Transportation’s Inspector General in ascertaining whether the net excise tax revenue distributed to the Airport and Airway Trust Fund (AATF) and the Highway Trust Fund (HTF) for the fiscal year ended September 30, 2016, is supported by underlying records. The en...
Troubled Asset Relief Program: New Effort to Wind Down the Community Development Capital Initiative
GAO-17-96: Published: Nov 4, 2016. Publicly Released: Nov 4, 2016.
As of September 30, 2016, the Department of the Treasury (Treasury) had approximately $420 million, or 75 percent, of the original Community Development Capital Initiative (CDCI) investment of $570 million, outstanding. Of the original 84 participating institutions, 55 remained. Treasury has received about $144 million in principal repayments and about $61 million in dividend and interest payments...
Federal Procurement: Smarter Buying Initiatives Can Achieve Additional Savings, but Improved Oversight and Accountability Needed
GAO-17-164: Published: Oct 26, 2016. Publicly Released: Oct 26, 2016.
From fiscal year 2011 through 2015, federal agencies reported spending almost $2 billion through the Federal Strategic Sourcing Initiatives (FSSI) GAO reviewed and reported an estimated total of $470 million in savings. Federal agencies' low use of the FSSIs, however, diminished the potential savings that could have been achieved. For example, in fiscal year 2015, federal agencies spent an estimat...
Health Care: Results of Recent Undercover Testing for Patient Protection and Affordable Care Act Coverage, and Review of Market Concentration in the Private Insurance Markets
GAO-16-882T: Published: Sep 14, 2016. Publicly Released: Sep 14, 2016.
The Patient Protection and Affordable Care Act (PPACA) requires health-insurance marketplaces to verify application information, such as citizenship or immigration status and household income, to determine eligibility for enrollment and, if applicable, eligibility for income-based subsidies. While inconsistencies between the information provided by the applicant and by government sources are being...
Tax Debt Collection: IRS Needs to Define Field Program Objectives and Assess Risks in Case Selection
GAO-16-787: Published: Sep 13, 2016. Publicly Released: Sep 13, 2016.
The Internal Revenue Service (IRS) uses automated processes to prioritize cases to be potentially selected for in-person contact to resolve a tax collection issue (see figure), but group managers in the Field Collection program manually select the cases to assign to revenue officers. For example, when reviewing cases, group managers consider characteristics of the revenue officer available—such...
Patient Protection and Affordable Care Act: Results of Undercover Enrollment Testing for the Federal Marketplace and a Selected State Marketplace for the 2016 Coverage Year
GAO-16-784: Published: Sep 12, 2016. Publicly Released: Sep 12, 2016.
The Patient Protection and Affordable Care Act (PPACA) requires health-insurance marketplaces to verify application information to determine eligibility for enrollment and, if applicable, determine eligibility for income-based subsidies. Verification steps include validating the applicant's Social Security number, if one is provided; citizenship or immigration status; and household income. PPACA r...
401(K) PLANS: DOL Could Take Steps to Improve Retirement Income Options for Plan Participants
GAO-16-433: Published: Aug 9, 2016. Publicly Released: Sep 8, 2016.
Workers relying in large part on their 401(k) plan in retirement may not always have a feasible way to make their savings last throughout retirement. Responses to GAO’s non-generalizable questionnaire from 11 401(k) plan record keepers—entities that manage participant account data and transactions for plans—showed that most plans covered by the questionnaire had not adopted products and serv...
Regulatory Guidance Processes: Treasury and OMB Need to Reevaluate Long-standing Exemptions of Tax Regulations and Guidance
GAO-16-720: Published: Sep 6, 2016. Publicly Released: Sep 6, 2016.
The Internal Revenue Service (IRS) uses a variety of documents to communicate its interpretation of tax laws to the public, but only considers Internal Revenue Bulletin (IRB) guidance to be authoritative. IRS information published outside of the IRB can help taxpayers understand tax laws and make informed decisions, but does not always include information clarifying the limitations of its use. IRS...