Transforming How the IRS Serves Taxpayers
In this article, the authors offer strategies for deploying the recently bestowed $80 billion in long-term IRS funding, and they discuss how properly implementing five existing technology-driven IRS initiatives will improve both taxpayer... Fred T. Goldberg Jr., Charles O. Rossotti, and John Koskinen
Success or Failure at the IRS: What Will Make the Difference?
For the first time, Congress has provided substantial long-term funding for the IRS. The unprecedented rebuilding program, which includes $80 billion of IRS funding over 10 years under the Inflation Reduction Act (IRA, P.L. 117-... Charles O. Rossotti
IRS Tax Examinations in the Past and Future and the Impact of the Inflation Reduction Act on the IRS’s Audit Activities
In June 2011, Internal Revenue Service (IRS) Commissioner Shulman warned that the proposed cuts of $2 billion to the IRS’s budget in the United States House-passed fiscal 2012 budget resolution could have a long-term impact on taxpayer compliance. Notwithstanding the commissioner’s warni... Marcus Dyer, CPA
Important Compliance Issues
C Corporation Reasonable Compensation Wages are deductible by a C corporation in computing taxable income, but dividends are not. In a closely held corporation, the owners might decide to take distributions in the form of sal... TheTaxBook
Three Untapped Niches of Opportunity for Your Firm in 2021
Dentistry. Construction. Real estate. Working with clients in these industry verticals can provide your firm with incremental growth. While these niches are certainly solid areas to explore as you look toward increasing your firm’s profitab... Gaynor Meilke
IRS Crackdowns and Expatriate Tax Compliance
In the past year, the IRS has released new compliance initiatives that target expatriates (expats), specifically. As part of these crackdowns, enrolled agents (EAs) are likely to see a rise in noncompliance notices, passport revocations, and other penalties. While these puni... David McKeegan, EA
Streamlined Compliance Procedures for Non-disclosed Foreign Bank Accounts
With the global business environment changing, the world does not seem as vast. Advances in technology have increased awareness of different parts of the world and have made communication cheaper and more efficient. The U.S. citizen is now more mobile than ever before. Additionally, immigrants who may have thought the U.S. was an ultimate destination have begun to move back to their home countries because of equally attractive incomes and lif...