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.
IRS rejects claims from 20,000 taxpayers for lucrative small business tax credit
The IRS is taking action against small businesses that improperly filed returns claiming a lucrative pandemic-era tax credit.
IRS plans improvements to audit large partnerships
The Internal Revenue Service is using the extra funding it received from the Inflation Reduction Act to audit big complex partnerships using data analytics and other technology tools
IRS plan to use AI may affect wealthy taxpayers. Here’s how
The IRS is launching plans with boosted technology and artificial intelligence to collect unpaid taxes from higher earners, partnerships and large corporations, which could transform tax compliance or spark challenges for the agency, experts say.
IRS Plan To Flag Return Errors Could Impede Taxpayer Rights
The Internal Revenue Service recently proposed to send notifications to taxpayers and tax professionals when returns are filed about errors and missed credits or deductions, a plan that could have the unintended consequence of hindering taxpayer rights.
IRS Overhaul Aims for Tenfold Increase in Audits of the Wealthy
The IRS hopes to increase tax audits on the wealthiest taxpayers tenfold under the Biden administration’s plan for the agency, according to a senior administration official and the IRS’s new strategic operating plan.
IRS offers process for withdrawing bogus ERC claims
The Internal Revenue Service is giving employers a way to rescind inaccurate claims for the Employee Retention Credit if they’ve fallen victim to a scam at the hands of so-called “ERC mills” that aggressively promote the credit to businesses.
IRS Moratorium on ERC – All You Need to Know
Contrary to headlines making rounds in the past weeks – ERC has NOT been eliminated. The IRS moratorium is for ‘processing new claims’ for this quarter, i.e., until 31st December 2023.
IRS is expanding its free filing program. Here’s what that means for taxpayers.
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.
IRS halts new ERC processing after flood of bogus claims
The Internal Revenue Service said Thursday it’s putting an immediate stop to processing of new claims for the Employee Retention Credit after receiving a surge of questionable claims. The immediate moratorium will be in effect until the end of the year.