Expectations are high that the IRS will beef up tax enforcement with its new $80 billion in multiyear funds from the Inflation Reduction Act, but it will take some time for that to come to fruition.
The US Supreme Court is slated to hear a case Wednesday that will test the reach of privacy protections against the IRS’s power to demand bank account records without ever notifying account holders.
The IRS recently announced that scams from promoters pitching the Employee Retention Credit (ERC) to unwary business owners is the top of the “dirty dozen” list of tax cons this year. As I’ve written about previously, business owners need to be eyes open about the ERC – and work closely with their CPA/trusted tax advisor about whether they may qualify for the ERC.
Former IRS chief, Mark Everson, believes new IRS chief Daniel Werfel is the right person to lead the agency during its $80 billion transformation.
Without Senate-confirmed leaders, the DOJ’s Tax Division and the IRS Office of Chief Counsel are reluctant about taking up significant tax projects.
The Senate Finance Committee this week voted to advance Daniel Werfel’s nomination to become IRS commissioner amid fierce debate over the agency’s $80 billion in funding.
alliantgroup, the nation’s premier consulting firm for small and medium-sized businesses, is celebrating a historic win for taxpayers. The U.S. Tax Court issued a precedent-setting opinion on IRC sec. 179D for alliantgroup’s client.
President Joe Biden’s nominee to lead the IRS answered questions during a Senate Finance Committee hearing this week, highlighting key issues from lawmakers on both sides of the aisle.
In its recently released Strategic Plan for Fiscal Years 2022-2026, the IRS described how it will leverage technology and data analytics as a key component for achieving its goals within four strategic areas: service, enforcement, people, and transformation. In the plan, the IRS listed “improving data management and analytics” as one of its six focus areas for improving taxpayer experience and transforming the agency.
The National Taxpayer Advocate expressed hope that better days were ahead for the tax collection agency.