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Audits

No More Surprise Visits by the IRS!

The IRS announced today that as part of a larger transformation effort, the IRS will no longer have unannounced visits to taxpayers in most circumstances.  For decades, the IRS has sent IRS Revenue Officers, those employees who are charged with collecting unpaid taxes...

How the IRS Will Spend $80 Billion

More than half of the $80 billion granted by Congress under the Inflation Reduction Act (IRA) was reserved by Congress for tax compliance enforcement.  That means the IRS will use $45.6 billion of the funds to focus on those who are not in tax compliance, specifically...

What are I-Bonds and Why do I Care?

I-Bonds are paying 9.62% interest. You read that correctly. I-Bonds are U.S. savings bonds issued by the United States Treasury. The interest rate is adjusted twice per year, in May and November. The current rate for I-Bonds is 9.62% on an annual basis for the first...

What Triggers an IRS Audit?

The Wall Street Journal listed 10 Red Flags that the IRS looks out for. Tax credits for children, healthcare premiums, earned income, and now pandemic related grants, loans, and credits make up a majority of their list. Other red flags are small business, especially...

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