During his February 17, 2021 virtual “Fireside Chat,” IRS Commissioner, Charles Rettig discussed the state of the IRS after nearly a year of many changes due to COVID-19. Not only was the IRS granted the task of issuing millions of Economic Impact Payments while all of the IRS offices were closed and employees worked from home, they also are only receiving half of the funding they need to adequately provide customer service and to modernize their online system. Despite the hurdles, Commissioner Rettig boasted that the agency was able to get out Economic Impact Payments just two weeks after the CARES Act was issued, and the second payments were sent out just two days after the second relief act law was signed.
Commissioner Rettig ended his speech with a reminder that taxpayers who come forward with their compliance issues will not be pursued by the IRS’ very successful Criminal Investigation division. Using the IRS’ Voluntary Disclosure Program allows tax offenders to come clean and avoid a potential investigation and lawsuit from the Criminal Investigation division, which Commissioner Rettig urges taxpayers not to underestimate.
If you are interested in learning more about the IRS’ Voluntary Disclosure Program, contact our office here.