Last week, the IRS announced new plans for the funding received in 2022 from the Inflation Reduction Act. The IRS intends to ramp up audits.
The strategic plan released is to be rolled out over the next three years. The sharp increase in audits expected is intended to focus on the following Taxpayers:
In order to do this, the IRS also has plans to increase the size of their workforce – the IRS had approximately 73,000 employees 2019, and the plan now is to expand to approximately 102,500 employees over the next few years.
Contact Bryson Law Firm today to schedule a consultation with a tax audit attorney.
Tax Season has officially come to an end, which means Bryson Law Firm, LLC’s busy season is about to begin! If you’ve filed your 2023 taxes with a balance due and are wondering, “NOW WHAT”, this blog’s for you!
First, it is important to mention that unless you filed an extension for your 2023 taxes, if you haven’t filed yet, you are now late. In addition to the fact that you have a legal obligation to file your taxes timely, failure to file a return on time also comes with hefty IRS penalties: 5% of the tax accrues if the delay in filing is not more than 30 days; an additional 5% accrues for each additional 30 days the failure to file continues, not to exceed a total of 25%. The failure to file penalty is reduced by the amount of any failure to pay penalties that month – the combined penalty to be 5% each month.
With that said, if you have not filed and have no extension to file in place, it is in your best interest to file.
Now, how can you address the balances due? That’s where Bryson Law Firm, LLC comes in.
If you are unable to pay your balance in full, you do have options. Here are a few of the most common options we see when resolving a Taxpayer’s outstanding tax return balance:
As mentioned previously, these are just a few of the many Tax Resolution options out there. And, as illuminated in our brief explanations of each option above, each Taxpayer’s option is typically going to be custom-crafted and specific to balances owed vs. the Taxpayer’s financial specifics.
If you owe the IRS and need help, don’t wait! It’s best to develop a plan and begin the process before the IRS gets to the point that they are levying bank accounts, garnishing wages, seizing assets, etc. Contact Bryson Law Firm, LLC today. We’ll get you scheduled for a free, initial consultation with our firm to discuss how we may be able to help.
The Internal Revenue Service has plans to ramp up enforcement efforts against Taxpayers that have abused the United States Tax Code by deducting millions of dollars on their taxes for corporate jet expenses that were sometimes used for personal travel through audits.
The tax code allows a business to deduct the cost of maintaining a corporate jet so long as it is used for business purposes. 2017 legislation also allowed for a deduction of the full cost of an airplane in the first year of ownership.
The IRS has allocated some of its $80 billion provided to them under the Inflation Reduction Act to develop new data analytics tools. These tools will be used to determine when company officials might have used corporate planes for private trips. The audits will likely extend to both corporations that own the planes and passengers.
“These aircraft audits will help ensure high-income groups aren’t flying under the radar with their tax responsibilities,” says IRS Commissioner Daniel Werfel. The IRS plans to focus their audit efforts on large corporations, partnerships, and wealthy Taxpayers, which is in line with their pledge to help close the “tax gap” of approximately $700 billion per year by proceeding with more audits of companies and high-income Taxpayers.
Contact us today to speak with a tax audit attorney.
I got here at the law firm and it was just so wonderful to feel so at ease. Everyone from the person at the front desk to the attorneys were absolutely so gracious and made me feel so comfortable and so at ease.
