IRS Releases Plan To Spend $80 Billion—And It Probably Isn’t What You Expect
The IRS has released its strategic operating plan for spending $80 billion in extra funding over the next decade. Here’s a look at what it does—and doesn’t—include.
Here’s why IRS tax audits have declined over the past decade
Audit rates have been on the decline since 2010. Across all income brackets, the audit rate decreased to 0.25% in 2019, down from 0.9% in 2010.
Impact of New IRS Funds Won’t Immediately Be Felt in Audits
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.
Mark Everson talks IRS’ recent activities, budget and CPA shortage
Former IRS Commissioner Mark Everson discusses why the IRS visited journalist Matt Taibbi’s home during his Twitter Files testimony on ‘Cavuto: Coast to Coast.’
Supreme Court Case Pits Privacy Against IRS Power to Trace Cash
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.
Employee Retention Credit — Eyes Open
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.
Small Businesses Face Big Tax Bills From Research-Deduction Change
Laura Lynn Gonzalez expected a tax refund this year, after her two-employee data-visualization company experienced a $30,000 loss. Instead, she said, she is facing a $100,000 federal tax bill that is about as large as her 2022 salary.
Sec. 179D Scores Wins in Congress, Tax Court, Tax Pro Says
Recent legislation and litigation involving the property deduction for energy efficient building projects should be seen as two major victories for taxpayers, particularly designers and contractors, according to a tax professional at a consulting firm specializing in the benefit.
Ex-IRS Chief Says He Is Confident Daniel Werfel Will Do Well as Agency’s New Leader
Former IRS chief, Mark Everson, believes new IRS chief Daniel Werfel is the right person to lead the agency during its $80 billion transformation.
Historic Fusion Ignition Breakthrough Could Fuel New Industries
Dr. Robert Ambrose, Chairman of Robotics & Artificial Intelligence, alliantgroup & Former NASA Software, Robotics and Simulation Division Chief & Deirdre Ricketts, Lead Science Teacher & STEAM Lab Facilitator