Through an audit of the IRS, the Treasury Inspector General for Tax Administration (TIGTA) found that despite the IRS Criminal Investigation unit investigating 390 cases and recommending 224 for prosecution between 2018 and 2023, the prevalence of virtual currency...
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Audits
IRS releases 2023 Data Book describing agency’s transformation through statistics
The Results Are In! The IRS issued its annual Data Book with numerical data on a variety of topics related to tax assessments, collections, audits, and criminal cases. For the 2023 fiscal year, the IRS collected about $4.7 trillion, which represents 96% of the total...
TIGTA REVIEWS THE IRS’ GHOST EMPLOYER PROJECT
Ghost Employers are those nefarious employers who withhold payroll taxes from their employees’ paychecks but fail to submit the withheld payroll taxes to the IRS as required. These employers are dubbed Ghost Employers and use the funds instead for their company or for...
KNOW BEFORE FILING – IRS PRACTICAL TIPS
The IRS reminds taxpayers to wait until they have all of their tax documents to file their tax return each year. And to carefully review those records for any errors. As a tax attorney, I have seen numerous documents prepared with errors resulting in significant...
HOW THE IRS IS SPENDING THE $78 BILLION FROM CONGRESS
The Treasury Inspector General for Tax Administration has submitted a report on IRS spending. The largest amount by far is the $44 billion spent on tax enforcement, followed by nearly $26 billion on operations support. Taxpayer support is near the end of the list, at...
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...
The California FTB Updates Guidance Adding Reporting Requirements to Corporations
The California FTB recently issued FTB Pub 1008, Cal.FTB (rev. 7/22) updating taxpayer requirements to notify the FTB of federal tax changes to gross income, deductions or tax credit that became final, even if there is no increase in tax due to California. The FTB...
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...
Former IRS Employee Sentenced to Prison for Tax Evasion
Wayne Garvin worked as a Supervisory Associate Advocate with the revered IRS’ Taxpayer Advocate Service in his last position working for the IRS. For the years 2012 through 2016, while employed by the IRS, Garvin filed false tax returns with the IRS on which he...
