September is off to a strong start for us and as usual, we are staying busy with the upcoming tax deadline!
We wanted to bring to your attention a recent announcement from the IRS regarding their updated enforcement priorities. This information is crucial for all taxpayers, and we’re here to assist you in navigating these changes.
The IRS has outlined a “sweeping” shift in their enforcement focus, which includes the following key areas:
- Increased Audits: High-net worth taxpayers, large partnerships, and those with suspected nonreporting foreign bank accounts can expect heightened audit scrutiny.
- Aggressive Collection: The IRS is stepping up collection efforts against high-income individuals who owe tax debts.
- Artificial Intelligence: The use of Artificial Intelligence (AI) will play a significant role in detecting non-compliance.
- Digital Asset Reporting: The IRS continues to focus on digital asset reporting non-compliance, making it vital for those involved in the digital asset space to stay compliant.
- 1099 Fraud: The construction sector is under increased scrutiny for 1099 fraud, emphasizing the importance of accurate reporting.
- FBAR Violations: The IRS will continue to scrutinize Foreign Bank and Financial Accounts (FBAR) violations.
You can read the full IRS News Release here: IRS News Release Link.
In light of these changes, we strongly recommend that you work closely with us to ensure your tax compliance and reporting are up to date. Our team is well-equipped to help you navigate these evolving tax landscapes, and we’re here to provide guidance, answer questions, and assist you in staying compliant.
Our commitment to you is to make this process as smooth and stress-free as possible. Should you have any concerns or questions about your tax situation, please do not hesitate to reach out to us. We are here to support you and ensure that you remain in good standing with the IRS.
Thank you for entrusting us with your tax and financial needs. We look forward to working together to ensure your continued compliance and financial success.