IRS Ramps Up Tax Enforcement, Hiring 200 Attorneys
IRS Ramps Up Tax Enforcement, Hiring 200 Attorneys
IRS Audits Are Coming to Close the Tax Gap. Qualified Amended Returns Might Protect Taxpayers, But There are Risks.
The Internal Revenue Service (IRS) is increasing audits (also called examinations) to close the “Tax Gap.” The Tax Gap equals the difference between the amount of tax that should be owed by taxpayers and the amounts actually paid by taxpayers. The Internal Revenue...
IRS Audits of Partnerships and S Corporations Are Coming. Are You Ready?
The Internal Revenue Service (IRS) has made auditing partnerships and S corporations one of its top priorities. In the past, the IRS audit rate for partnerships and S corporations has been very low—around 0.05% (or one out of every 200 returns). This audit rate is...
Beware: IRS Establishes Office of Promoter Investigations. Yes, the Matter Can be Criminal
The IRS is strengthening its efforts to pursue fraudulent and/or tax avoidance transactions with the establishment of the Office of Promoter Investigations. On April 19, 2021, the IRS announced the appointment of Lois Dietrich to the position of Acting Director. IRS...