Recent legislation has provided the IRS with increased funding to enhance its staff and purchase software for more effective taxpayer audits. By targeting the right taxpayers, the IRS aims to avoid wasting time on unprofitable audits. This program will discuss the current state of IRS audits and their expected improvements in auditing wealthier taxpayers efficiently. Panelists will address the IRS's current and future audit strategies, while tax practitioners should be aware of the IRS's efforts to maximize revenue through targeted efficiencies.
Major topics of concern:
Substantially increased IRS funding provided by the Inflation Reduction Act
IRS test program in 2024 to determine if it should prepare tax returns
Using improved data and analytics to tailor timely collections contacts
Auditing large corporations and partnerships
Audits of high income and high net worth individuals
Information Document Requests
What happens when a client agrees or disagrees with the IRS’s audit findings
Consult Think & Profit Consulting to learn more...