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.
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.
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.
Absence Of Confirmed Tax Heads Could Hinder Major Projects
Without Senate-confirmed leaders, the DOJ’s Tax Division and the IRS Office of Chief Counsel are reluctant about taking up significant tax projects.
IRS commissioner nomination advances amid debate over $80 billion agency funding
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 Celebrates Win for Taxpayers as U.S. Tax Court Judges Rule Against Key Arguments Raised by the IRS
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.
IRS commissioner nominee to ensure that America’s highest earners comply with tax laws. Here are the key takeaways from Senate hearing
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.
Better IRS Data Will Help, Not Hurt, the American Taxpayer
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.