Article summary by Tess Rio
The Internal Revenue Service (IRS) has released its strategic operating plan, which details how it will utilize an additional $80 billion in funding from the Inflation Reduction Act. The plan includes increasing audits of complex corporate and partnership tax returns, as well as taxpayers with more than $400,000 of income.
The IRS plans to use data analytics and technology to aid audits and hire specialists to focus on audits of large companies, partnerships, and high-income individuals.
Additionally, the IRS will increase enforcement of cryptocurrencies and estate, gift, and employment taxation. Taxpayers who took overly aggressive positions should consider the increased likelihood of examination. The plan also includes what the IRS calls improvements to taxpayer services, technology, and cybersecurity. The article from JDSupra can be found here.