The IRS today announced a withdrawal process for business owners/tax-exempt managers from their Employee Retention Credit (ERC) claims. The IRS has been taking a hard eye at ERC filings given
Getting refunds on your taxes can be exciting but waiting for your refund is a different matter. Whether you are a seasoned attorney with years of experience or you are submitting your taxes for the first time, the IRS refund process can seem slow. So what can you do about it?
‘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 Internal Revenue Service is trying to leverage the extra billions in funding from last year’s Inflation Reduction Act to narrow the ever-increasing gap between taxes due and taxes collected, but has spent surprisingly little of the money so far.
Artificial intelligence at the IRS isn’t new, but the recent infusion of funding from the Democrats’ tax-and-climate law gives the agency more fuel to address compliance gaps.
The Internal Revenue Service plans to leverage artificial intelligence to identify patterns of noncompliance in large partnerships, while also ramping up its examinations of high-income taxpayers and big corporations.
Tax agency ‘has an opportunity to transform our operations and provide the service that people deserve,’ commissioner says
The IRS has unveiled plans to offer digital correspondence for the 2024 tax season, building on the agency’s decade-long overhaul of improved service, technology and compliance.
The Internal Revenue Service announced in March that its compliance efforts related to the Employee Retention Credit had exceeded $1 billion, with the agency specifying that “more than 12,000 entities filed over 22,000 claims that were improper and resulted in $572 million in assessments.”
Nearly two years after the IRS hit pause on issuing automated collection reminder notices, the agency has set a date to begin resuming that work and coupled it with a clean slate for millions of affected taxpayers.