Despite the IRS offering numerous tools to assist taxpayers with their tax woes, Offer in Compromise (OIC) “mills” are preying on individuals in tax debt by promising “pennies-on-the-dollar” settlements. The OIC program is in place to help taxpayers settle their tax...
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Month: September 2024
AI to Help the IRS Identify Tax Cheats!
The U.S. Government Accountability Office (GAO) reported recently on how Artificial Intelligence (AI) may help the IRS close its tax gap. The tax gap represents the hundreds of millions of dollars in tax that goes unreported and unpaid each year. The GAO reported...
IRS Recovers $1.3 Billion in Taxes!
Due to the Inflation Reduction Act, within the first six months of two new initiatives focusing on high-income taxpayers, the IRS has been paid over $1.1 billion from these high earners. In addition to the initiatives concentrated on collecting the tax due from...