The tax filing season is in full swing and a new report is predicting potential problems. A Government Accountability Office (GAO) report has concluded that the IRS “has not fully identified and assessed all risks to the 2021 filing season consistent with enterprise risk management (ERM) practices.” As described in the report, the essential elements of ERM are aligning the ERM process to goals and objectives, identifying and assessing risks, selecting risk responses, and monitoring and communicating risks. The GAO found that the IRS’s 2021 filing season planning documents and ERM documents failed to reflect all of the essential elements of ERM. To read the report: https://bit.ly/3bZs5Cy
