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More Money, More Audits: IRS Proposes Three-Fold Increase to High-Wealth Audit Group
By on October 30, 2023
More money for the IRS means more audits for those with more money. It's just that simple. Last week, Eric Cirelli of the IRS Large Business and International (LB&I) Division gave an update on the division's priorities at the UCLA Tax Controversy Institute. A seemingly-core priority is the expansion of the IRS' global high wealth group.
Too Much of a Good Thing: IRS Expects Eight (8) Billion Filings under New Digital Asset Reporting
By on Oct. 30. 2023
The IRS is testing the limits of the law of diminishing returns with the new digital asset reporting regime, announcing that it expects to receive eight (8) billion filings per year. Yes, billion with a "B". As background, the Infrastructure Investment Act of 2021 enacted new information reporting requirements that apply to digital asset transactions. Originally set to take effect in 2024, the IRS recently issued proposed regulations that brought both interpretative guidance as well as a delayed effective date.
Problems Money Can Solve? IRS Continues to Direct IRA Funding Towards Enforcement
By on October 24, 2023
Is non-compliance a problem money can solve? The IRS seems to think so, rolling out last week yet another set of enforcement initiatives based on Inflation Reduction Act funding. Like other recent initiatives that target wealth taxpayers and complex partnerships, these latest IRS initiatives target large corporations.
IRS Provides Procedures for ERC Claim Withdrawal: Should Employers Use Them?
By on October 20, 2023
We have written numerous times about the employee retention credit (ERC): sometimes about the IRS' focus on unscrupulous refund claims, more recently about how the IRS has stopped processing new ERC claims, and steps employers may want to consider taking. Now the IRS has yet another update regarding ERC issues, most likely motivated by an IRS desire to clear its massive backlog of ERC claims waiting to be administratively processed.
Improper Art Donation Deduction Promotions: IRS Sounds Alarm
By on October 13, 2023
The IRS is warning taxpayers not to claim improper art donation deduction and provides tips to help people avoid getting ensnared by an illicit art donation promotion.