The Inflation Reduction Act of 2022 called for delivering nearly $80 billion to the IRS over 10 years to allow the IRS to purchase new technology and hire employees. This funding would have provided the IRS with new equipment and new employees, possibly to handle more audits, many of them involving very complex tax issues.
DESIGNED FOR
Accounting and finance professionals advising clients with respect to an IRS audit
BENEFITS
- Thoroughly understand the current state of IRS audits
- Advise clients regarding anticipated changes in upcoming IRS audits
HIGHLIGHTS
- Impact of the Trump Administration on IRS funding
- Reduction in IRS staffing
- Potential reduction in IRS’s ability to process and audit tax returns
- Status of IRS Direct File program
- Auditing large corporations and partnerships
- Audits of high income and high net worth individuals
- Information document requests
- What happens when a client agrees or disagrees with the IRS’s audit findings
- The Dirty Dozen for 2025: roadmap to IRS audit issues
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES