‘Must we agree to have this hanging over our heads that long?’ Dear Tax Guy, My husband owns his own business. The Internal Revenue Service audited his 2021 income-tax return. There were some small mistakes. The amount due was paid. However, he received notice at the end of 2023 that he was also being audited for 2022.
The IRS will deny billions of dollars’ worth of claims for a pandemic-era tax break while working to process lower-risk filings, the agency said on Thursday afternoon.
The Internal Revenue Service’s intended ramping up of enforcement on wealthy people, large corporations and complex partnerships may not have a meaningful impact in the short term because of challenges in hiring and training people to do the work.
During a pilot phase this spring, 140,000 participants received a total of $90 million in refunds. Nine in 10 users rated the software as “excellent” or “above average,” according to a government survey.
Companies take IRS budgets into consideration when developing their year-to-year tax strategies and take more aggressive tax positions when IRS budgets are smaller, and retreat to less risky tax positions when IRS budgets are higher, according to a new study.
The IRS has formed a unit that aims to make it easier to quickly resolve tax disputes without litigation, an effort that will include more outreach on avenues available to taxpayers.
Tax season is always stressful for small businesses, but it’s not too soon to prepare. Follow these steps to make next tax season a breeze.
Flush with funding from the Inflation Reduction Act, the IRS launched major initiatives to ramp up enforcement activities and make much-needed improvements in taxpayer services.
As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency.
The IRS will continue to crack down on top earners who haven’t paid taxes owed — and certain returns may see increased scrutiny, experts say.