{"id":1039,"date":"2024-10-18T19:00:19","date_gmt":"2024-10-18T19:00:19","guid":{"rendered":"https:\/\/belbolcpa.com\/blog\/?p=1039"},"modified":"2024-10-18T19:00:19","modified_gmt":"2024-10-18T19:00:19","slug":"irs-is-stepping-it-up","status":"publish","type":"post","link":"https:\/\/belbolcpa.com\/blog\/irs-is-stepping-it-up\/","title":{"rendered":"IRS is Stepping it Up"},"content":{"rendered":"\n

The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts:<\/p>\n\n\n\n

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$172 Million Recovered from 21,000 Wealthy Taxpayers<\/strong><\/p>\n\n\n\n

In February 2024, the IRS launched an initiative to pursue 125,000 high-income, high-wealth taxpayers who have not filed tax returns since 2017. These are cases where the IRS has received third party information from forms such as W-2\u2019s and 1099\u2019s indicating they received $400,000 and $1 million or more than $1 million. I\u2019m not sure why the IRS didn\u2019t just say over $400,000, but that\u2019s what they reported. By the way, someone earning much less than $400,000 can easily be contacted if they receive a 1099 showing more than $400,000 as a self-employed individual, even though their net profit after expenses is really only a fraction of that amount.<\/p>\n\n\n\n

$1.1 Billion Recovered<\/strong><\/p>\n\n\n\n

The IRS launched an initiative to focus on taxpayers with more than $1 million in income and more than $250,000 of tax debt. Last year they collected $38 million from 175 high-income, high-wealth individuals, and expanded their efforts last fall to 1,600 high-income, high-wealth individuals, which lead to over $1.1 billion recovered.<\/p>\n\n\n\n

Digital First Initiative<\/strong><\/p>\n\n\n\n

On a good note, the IRS has significantly improved taxpayer services, including online tools, such as \u201cWhere\u2019s My Refund.\u201d They have also enhanced more than two dozen features to online accounts, simplified notices, and released mobile-adaptive forms.<\/p>\n\n\n\n

What Does this Mean for You?<\/strong><\/p>\n\n\n\n

The good news is that customer service and better online features will make it easier when communicating with the IRS and resolving issues. The bad news is that if you are a high-income, delinquent taxpayer, then expect contact from the IRS.<\/p>\n\n\n\n

If you like what you just read, then don\u2019t hesitate to forward\/share with your friends, comment below, and\/or click like on LinkedIn!<\/em><\/p>\n\n\n\n

Make sure to subscribe to our weekly emails to receive practical business, financial and tax strategies! <\/strong>Sign Up Now!<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3,90,7,8,12,15,18],"tags":[83,29,32,55],"class_list":{"0":"post-1039","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business","7":"category-debt","8":"category-expenses","9":"category-financial","10":"category-irs-resolution","11":"category-new-jersey-tax","12":"category-taxes","13":"tag-business","14":"tag-expenses","15":"tag-finances","16":"tag-taxes","17":"entry"},"_links":{"self":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/1039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/comments?post=1039"}],"version-history":[{"count":1,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/1039\/revisions"}],"predecessor-version":[{"id":1041,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/posts\/1039\/revisions\/1041"}],"wp:attachment":[{"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/media?parent=1039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/categories?post=1039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/belbolcpa.com\/blog\/wp-json\/wp\/v2\/tags?post=1039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}