Category Archives for LARGE IRS TAX DEBTS
IRS Cracks Down on Non-Filers: Are You Prepared?
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
Read MoreIRS Audit Focus Remains on Middle-Class Taxpayers
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
Read MoreIRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions
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
Read MoreIRS Targets Nonfilers: Their New Push to Bridge the Tax Gap
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
Read MoreOhtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights
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.
Read MoreIRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses
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,
Read MoreIRS Collects $482M in Back Taxes From Millionaires in 2023
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
Read MoreIRS Targeting Wealthy Citizens in New Compliance Initiatives
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
Read MoreIRS Launches Huge Tax Enforcement Crackdown Using AI
The Internal Revenue Service (IRS) has announced that thanks to a new funding boost, it's launching a "sweeping, historic" tax enforcement initiative using AI and other cutting-edge technologies to catch
Read MoreIRS Skirted Rules on Directly Contacting Represented Taxpayers
Internal Revenue Service employees weren't always following the proper rules when it came to directly contacting taxpayers instead of their representatives like CPAs, enrolled agents, and attorneys.Represented
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