MIDDLE CLASS WILL SEE ADDITONAL AUDITS

Middle class will see additional audits. According to House Republicans, Americans earning less than $75,000 a year are going to receive nearly 60% of the increased audits that will be performed by the IRS, once they gear up from the increased funding they just received from Congress. The reason for that, is that the IRS […]

IRS UNDER SCRUTINY FOR POLITICAL AUDITS

IRS under scrutiny for political audits. Democrats were seen raising pressure on the IRS, to explain why foes of former President Trump were targeted for a extensive audit after being fired from their government jobs. IRS Commissioner Charles Rettig was questioned about this by the tax writing House Ways and Means Committee, asking Rettig about […]

DELAYED SCREENING RISKED TAXPAYER DATA

Delayed screening risked taxpayer data. In a report from TIGTA, the Tax Inspector General for Tax Administration, officials found that some IRS new workers in 2020 and in 2021 had access to sensitive information including taxpayer data while preemployment fingerprinting and in-person verification of their identification documents had been deferred because of the COVID_19 pandemic. […]

IRS ANNUAL DIRTY DOZEN TAX SCHEMES

IRS annual dirty dozen tax schemes. The IRS comes out every year with its list of the most prominent tax schemes of the year. Some stay in the list, while other new schemes, concocted by criminal elements, enter the list, and some leave the list as well. This year’s list includes four “bogus tax avoidance […]

IRS HAS SUPERFUND LIST CHANGES

IRS has superfund list changes. In IRS Revenue Procedure 2022-26, the IRS prescribed the exclusive procedures for requesting an addition to, or removal from, the list of chemical substances subject to an excise tax commonly known as the Superfund tax. The Superfund, or as it was formally known, the Hazardous Substances Response Trust Fund, was […]

1256 FOREIGN CURRENCY CONTRACTS DEFINED

1256 Foreign currency contracts defined. The proposed regulations by the IRS and Treasury Department defined the mark to market rules that would be defined as only including forward contracts. The new definition, which would be added at Regulations Section 1.1256(g)-2, would define a foreign currency contract within the meaning of Section 1256 as one that […]

SUPERFUND TAXPAYERS RELIEF PART TWO

Superfund taxpayers relief part two. The IRS put out Notice 2022-15 to grant relief to Taxpayers who had certain qualifications. The IRS acknowledged that in granting the relief, as well as the short time between the taxes reinstatement and the first deposit’s due date (July 29), along with initial difficulties in computing the taxes and […]

REPUBLICANS FACE TAX INCREASES

Republicans face tax increases. Opponents of President Biden’s sweeping tax overhaul and planned increase in the tax rate for high income individuals and corporate America, will face large tax increases themselves. And so the question that never is asked, is this a conflict of interest for a sitting member of Congress to vote on a […]

IRS CREATES CASE MANAGEMENT OFFICE

IRS creates case management office. The Internal Revenue Service has created the new Enterprise Digitalization and case Management office, which will spearhead IRS efforts to empower taxpayers and IRS employees to rapidly resolve issues in a simplified digital environment. The office’s efforts will support overall IRS modernization and implementation of long term changes stemming from […]

TIME SENSITIVE ACTS PART TWO

Time sensitive acts part two. This is a two part series on IRS and Treasury Notices 2020-17 and 2020-18. These are both time sensitive acts. For purposes of Notice 2020-23, the impacted taxpayer si someone with a federal tax payment obligation or a specified federal tax return or other form filing obligation. Section 3 A […]