The Internal Revenue Service (“IRS”) Commissioner Danny Werfel stated that the Agency is taking “swift and aggressive action” to strengthen enforcement efforts against high-income individuals. As part of these...
Author: Meadows Collier
Within one year of its funding boost through the Inflation Reduction Act, the IRS has increased its workforce by nearly 11,000 workers, a 14% increase over 2022 staffing levels. Too fast too soon or just in time? In my humble...
Another New IRS Audit Target: Employee Stock Ownership Plans (ESOPs)
August 14, 2023
By Joel N. Crouch, Blog
In an August 9th announcement, the IRS said it has identified compliance issues for Employee Stock Ownership Plans (ESOPs). This is on the heels of recent IRS announcements regarding Malta Pension Plans, Puerto Rico...
The IRS has been extremely vocal about its intensifying scrutiny of ERC claims, with IRS Commissioner Werfel declaring at yesterday’s IRS Nationwide Tax Forum that the IRS is “increasing audit and investigative activities...
An Unexpected IRS Enforcement Initiative: IRS Adds “Cost of Goods Sold” to Audit Compliance Campaign
August 9, 2023
The IRS is seemingly moving from the exotic back to plain vanilla, announcing a compliance campaign focused on taxpayers that may have inflated their reported cost of goods sold to reduce their taxable income. The IRS gave no...