We have written numerous times about the employee retention credit (ERC): sometimes about the IRS’ focus on unscrupulous refund claims (LINK), more recently about how the IRS has stopped processing new ERC claims (LINK),...
Category: Blog
Too Much of a Good Thing: IRS Expects Eight (8) Billion Filings under New Digital Asset Reporting
October 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...
More Money, More Audits: IRS Proposes Three-Fold Increase to High-Wealth Audit Group
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...
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...
Improper Art Donation Deduction Promotions: IRS Sounds Alarm
October 13, 2023
The IRS is warning taxpayers not to claim improper art donation deductions (HERE) and provides tips to help people avoid getting ensnared by an illicit art donation promotion. The IRS says the following about how the scheme...