Tax audits

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.

Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 million.

Senator Elizabeth Warren said IRS funding should be bolstered so the richest Americans get audited about once every three years as part of her proposed 2 percent annual tax on wealth in excess of $50 million.

House Democrats are proposing two pieces of legislation that would also provide more funding for the Internal Revenue Service.

Claims for the R&D tax credit may be coming under closer scrutiny from the IRS.

The Internal Revenue Service hasn’t been pursuing cases involving hundreds of billions of dollars in income from individuals and businesses whose income has been showing up in Form 1099-K information returns, but has been otherwise unreported.

The enforcement push comes after years of persistently low examination rates.

But the IRS would need more resources, writes Natasha Sarin, an assistant professor of law at UPenn.

Practitioners share their expectations around the potential for more action from tax authorities.

The service is working to identify 9 million individuals who haven't filed a return.

The Internal Revenue Service is offering less generous settlement terms to participants in micro-captive insurance schemes as part of its clampdown on the transactions.

The Internal Revenue Service released an early draft of the instructions with revised directions for how partnerships should report capital accounts and tax basis capital for partners on Schedule K-1.

Chuck Schumer and Ron Wyden have asked internal watchdogs to investigate whether there’s been political interference in audits of the president's returns.

The details published about Donald Trump’s tax returns were a revelation to the public but not to a small group of attorneys who work for a little-known congressional panel.

The Internal Revenue Service introduced a section of its website dedicated to the Centralized Partnership Audit Regime.

In today’s COVID-19 world where nothing seems normal, and “new normals” are popping up in every business operation, service businesses are trying to make up for lost income and rising expenses in creative ways that will lessen the financial impact of COVID-19.

If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency.

The IRS initiated 71 percent fewer corporate audits this spring compared with the same time period a year ago as the coronavirus pandemic halted many agency operations.

The Internal Revenue Service wasted $22.7 million auditing tax returns that resulted in no additional revenue for the federal government, according to an agency watchdog.

The service hasn’t been doing enough to collect the taxes owed by hundreds of thousands of people who owe billions of dollars, according to a new report.