Most Unpaid Taxes of Participants in the Troubled Asset Relief Program Have Been Resolved

摘要

The Troubled Asset Relief Program is a large expenditure of public funds that required participants to indicate in agreements with the United States Department of the Treasury that all material Federal taxes were paid. However, the fact that some participants had unpaid taxes when the agreements were executed could jeopardize the publics confidence and trust in the performance and accountability of our Federal Government. This audit was initiated because of concerns raised over the unpaid taxes of some participants in the Troubled Asset Relief Program. The audit objectives included determining 1) the amount and type of Federal tax debt owed by participants, 2) whether participants with unpaid Federal taxes were engaged in abusive tax activities, and 3) the actions underway to enforce compliance or pursue collection of unpaid taxes from the participants.