Category Archives for ELIMINATING IRS TAX DEBT

IRS Cracks Down on Non-Filers: Are You Prepared?

  • August 23, 2024

The IRS is turning up the heat on IRS non-filers, and if you haven't filed your tax returns since 2017, you could be in their sights. With the new resources provided by the Inflation Reduction Act, the

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IRS Audit Focus Remains on Middle-Class Taxpayers

  • July 23, 2024

A recent report reveals that the IRS audits more middle-class taxpayers than high-income earners, contrary to President Biden's promises.The Audit FindingsThe Treasury Inspector General for Tax Administration

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IRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions

  • April 16, 2024

Under the Radar No MoreThe Internal Revenue Service recently announced a campaign to investigate the use of corporate jets by large businesses and wealthy individuals. Although the announcement was made

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IRS Targets Nonfilers: Their New Push to Bridge the Tax Gap

  • March 15, 2024

Taxpayers beware: the IRS is renewing efforts to address the rising issue of nonfilers, aiming to recover billions in unfiled tax returns."The Growing Challenge of Nonfilers for the IRSThe Internal Revenue

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Ohtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights

  • February 16, 2024

Shohei Ohtani's groundbreaking $700 million contract with the Los Angeles Dodgers not only sets a new benchmark in professional sports but also introduces complex financial planning and tax considerations.

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IRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses

  • February 15, 2024

Buying and running sports teams come with certain tax breaks (from tax losses).The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of sports teams' tax losses,

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IRS Collects $482M in Back Taxes From Millionaires in 2023

  • February 14, 2024

Some millionaires were also sent to prisonThe Internal Revenue Service says it collected almost half a billion dollars from wealthy tax cheats last year, in a continuing effort to step up their enforcement

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IRS Targets ‘Complex Pass-Through Entities’ Used by High-Income Earners

  • November 16, 2023

The IRS announced the establishment of a new division targeting “pass-through” entities, which the agency claims will hold America’s wealthiest tax filers “accountable.”Pass-through entities

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IRS Targeting Wealthy Citizens in New Compliance Initiatives

  • November 15, 2023

In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over

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IRS Cracking Down on Illegal Sports Betting

  • October 12, 2023

The Internal Revenue Service's Criminal Investigation division is targeting illegal activity tied to sports betting as the pro football season gets underway.Between 2021 and 2023, IRS criminal investigators

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