Tax audits

Democrats on the tax-writing House and Ways Means Committee are asking the Justice Department and the Treasury Inspector General for Tax Administration to investigate.

An extra $80 billion over 10 years will have major repercussions — though not necessarily the expected ones.

Remembering a reform expert; more suggestions for IRS improvement; fluffy nonsense; and other highlights from our favorite tax bloggers.

Taxpayers are concerned the extra $80 billion will lead to more tax audits.

The legislation would deter the Internal Revenue Service from using the $80 billion in extra funding from the Inflation Reduction Act to increase audits of taxpayers earning under $400,000 per year.

The agency has become a target of GOP lawmakers in recent weeks after President Biden signed a new spending law with funding for tax enforcement, technology upgrades and taxpayer service.

The Inflation Reduction Act has highlighted the perpetual tension within the agency between helping taxpayers and auditing them.

There are several key strategic considerations for the in-house practitioner to put their company in a strong position to resolve a tax dispute.

Commissioner Rettig is promising not to use the nearly $80 billion his agency will be receiving to increase audits of small businesses or taxpayers who earn less than $400,000.

Republicans and Democrats have been sparring over whether the extra funding will be used to audit low-income and middle-class taxpayers.

While Charles Rettig is scheduled to testify to Congress’s main tax-writing committees, IRS officials offered potential justifications for the unusual audits.

A Treasury inspector general will review why two former FBI officials who ran afoul of former President Donald Trump were subjected to rare and detailed tax audits.

The two were subject to a rarely used program of intense scrutiny that is supposed to be randomly selected.

The pandemic and new IRS priorities are creating new opportunities for practitioners.

The Internal Revenue Service issued a revised Audit Technique Guide to help examining agents evaluate the validity of cost segregation studies submitted by taxpayers to substantiate accelerated depreciation deductions.

The service is taking steps to increase its audit rates of higher-income taxpayers after coming under sharp criticism in Congress over its lagging audit numbers.

Think about implementing some organization and management strategies going forward with clients who want to engage in like-kind exchanges

The Internal Revenue Service has been auditing fewer taxpayers since 2010, according to a new report, but audit rates have been plunging the most for higher-income taxpayers.

Advisors tend to avoid clients' tax issues when they involve the IRS. It's a missed opportunity to add value.