Applying Agreed-Upon Procedures: Fiscal Year 2008 Airport and Airway Trust Fund Excise Taxes.
GAO has performed the agreed-upon procedures solely to assist the Department of Transportation (DOT) in ascertaining whether the net excise tax revenue distributed to the Airport and Airway Trust Fund (AATF) for the fiscal year ended September 30, 2008, is supported by the underlying records. As agreed with DOT, GAO evaluated fiscal year 2008 activity affecting distributions to the AATF.
The procedures GAO agreed to perform were related to (1) transactions that represent the underlying basis of amounts distributed to the AATF during fiscal year 2008, (2) the Internal Revenue Service's (IRS) quarterly AATF receipt certifications during fiscal year 2008, (3) the Department of the Treasury's Financial Management Service adjustments to the AATF during fiscal year 2008, (4) the Department of the Treasury's Office of Tax Analysis's (OTA) process for estimating excise tax amounts to be distributed to the AATF for the fourth quarter of fiscal year 2008, (5) adjustments to the AATF for tax on kerosene used in aviation during fiscal year 2008, and (6) the amount of net excise taxes distributed to the AATF during fiscal year 2008. GAO provided a draft of this letter, along with the enclosure, to IRS and OTA officials for review and comment. IRS agreed with the results and findings presented the enclosure. OTA agreed with the results and findings presented in the enclosure relating to its responsibilities, that is, the procedures performed in the estimation process for the quarter ended September 30, 2008.
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|Publication:||General Accounting Office Reports & Testimony|
|Date:||Dec 1, 2008|
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