Hidden Assets

The Good News

Fortunately, there is some good news emanating from the IRS: Thanks to budget cuts, full implementation of the dreaded Taxpayer Compliance Measurement Program (TCMP) has been "postponed indefinitely," according to Don Roberts at the IRS. (For more on these superaudits, which require taxpayers to verify every single line on their returns, see "Tax Talk," June 1994).

With no word as to when these audits might threaten to rear their ugly heads again, the good news is that 150,000 random taxpayers who might have been selected as laboratory rats in this experiment to gauge the nation's compliance with the tax code can breathe a sigh of relief.

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This article was originally published in the January 1996 print edition of Entrepreneur with the headline: Hidden Assets.

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