IRS Intensifies Scrutiny on High-Income Earners and Partnerships
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With increased funding from the Inflation Reduction Act, the IRS has unveiled plans to modify and escalate its investigative efforts. Beginning in 2024, the agency will prioritize cases involving individuals with a total positive income of $1 million or more and a tax debt exceeding $250,000. Additionally, to enhance its oversight capabilities, the IRS is expanding the utilization of artificial intelligence in the examination of partnership returns to detect potential compliance risks, particularly those with more than $10 billion in assets. Meanwhile, partnerships with assets exceeding $10 million and suspected of noncompliance due to significant year-end and new-year balance discrepancies may receive compliance letters from the IRS. With the increased scrutiny by the IRS, staying in compliance is becoming more important than ever. If you feel that your business may face compliance risks, reach out to us for our one-time FREE tax diagnostic. You can make an appointment today by simply calling us at 832 295 3353. If you want to read more about this topic, go to our source article: https://www.irs.gov/newsroom/irs-announces-sweeping-effort-to-restore-fairness-to-tax-system-with-inflation-reduction-act-funding-new-compliance-efforts. At XQ CPA, we take pride in helping our clients minimize their tax obligations while remaining compliant and keeping the IRS at bay.
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