Tag Archives for " preventing tax debt "
Audits of the Rich will Gain Greater IRS Scrutiny
Audits of the rich cratered at the start of the pandemic. That's about to change.Armed with an extra $80 billion in funding for the next decade, the Internal Revenue Service is using the bulk of its war
Read MoreIRS Hiring Armed Tax Agents in All 50 States
The IRS is Making a Major Move Across the Nation!The Internal Revenue Service (IRS) is hiring armed tax agents nationwide to bolster the ranks of its criminal investigations division. This is happening
Read MoreSenators Want IRS to Stop AI-Generated Tax Scams
A group of senators on both sides of the aisle is asking the Internal Revenue Service's new commissioner, Daniel Werfel, to warn taxpayers and tax professionals about the emerging threat of tax scams produced
Read MoreThe IRS Targets Certain Taxpayer Assets for Enforcement
The Internal Revenue Service (IRS) said it would increase criminal investigations in the area of digital asset transactions and listed transactions.The federal agency identified certain transactions to
Read MoreThe IRS Reveals How It Will Spend Its $80B
In a report to the Secretary of the Treasury, the Internal Revenue Service laid out its strategic operating plan for the next decade, with details on how it plans to use the extra IRS funding. $80 billion
Read MoreSCOTUS Slashes IRS Penalty Against Taxpayer for Not Reporting Foreign Bank Accounts
The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from
Read MoreEx-IRS Agent Sounds Alarm on What’s Coming Next
Gun-Toting Wing of IRS wants to ‘put the fear of God in people’: ex-agentAs the Internal Revenue Service seeks to bolster the ranks of its weapon-carrying IRS Criminal Investigation unit, a former
Read MoreIRS Targets Gig Workers and Foreign Income Recipients
Taxpayers face consequences for failing to meet certain tax obligations.The Internal Revenue Service (IRS) recently issued a notice to “gig economy” service workers and those who receive a foreign
Read MoreTax Filers Must Answer New Crypto Question or Face Consequences
The Internal Revenue Service (IRS) issued an alert recently to taxpayers, reminding them that they must report all digital asset-related income and answer a new digital assets question on their 2022 federal
Read MoreWhat the Wealthy Can Fear from a New IRS Law on $600 Payments
A new IRS law that requires cash apps and online marketplaces including Venmo and eBay to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.Under the rule,
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