The Internal Revenue Service is setting up a new unit to target the use of basis shifting between related parties as a way ...
IRS Announces New Steps to Combat Abusive Use of Partnerships; Agency’s Focus Intensifies as New Guidance Closes Loopholes ...
In a statement, the IRS said it is planning more audit focus on the wealthiest taxpayers ... at historically low levels.” Instead, high earners and complex business partnerships will face ...
In recent years, the IRS has focused its attention and resources ... intentionally shield income to avoid paying the taxes [high-income earners] owe. These efforts are consistent with our broader ...
The IRS is aggressively increasing its audit focus on wealthy individuals and large corporations to address tax compliance more effectively. By 2026, audit rates for large corporations with assets ...
the tax agency said it plans to raise the audit rate on high earners, which was 11% in 2019, to 16.5% by 2026. In addition, the IRS plans to triple the audit rate on businesses with assets worth ...
Here is what you need to know about this initiative: The IRS estimates that $77 billion of the $683 billion tax gap can be attributed to high-income non-filers. Since the inception of the ...
The IRS is targeting over 125,000 high-income individuals who have not filed federal income tax returns since 2017, aiming to ...
And that progress has accelerated into 2024." The IRS has said the funds have allowed it to increase its enforcement and collections efforts on high-wealth non-filers and taxpayers who ...
When President Joe Biden pleaded for Congress to increase the budget of the Internal Revenue Service by more than $80 billion he claimed that he would use that money to go after "the rich.
The Internal Revenue Service (IRS) recently announced (see Revenue Procedure 2024-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs), high-deductible ...