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Biden and democrats recent reconciliation spending bill gives huge boost to IRS funding. Specifically major portion is meant to boost auditing power of IRS by hiring nearly 100k new personnel. Stated goal is to crack down on wealthy individuals and corporations not "paying their share" of taxes.
Biden and democrats have said moderate income households and small business won't be caught in cross hairs, but not everyone agrees.
If the expected tax windfall is greater than the cost of the agents, why not? It isn't like hiring new police where you expect it to almost all on the red side of the ledger.
I don't buy into the persecution complex political angle much, most of those new IRS agents would probably be working for the next administration anyway.
I don't see a problem. There are currently 78k IRS employees. There were 123k employees in 1988 with 100 million less people in the country. IRS has been underfunded for decades. Drain the swamp.
Drain the rich guy swamp. Poor little rich guys want to cheat and dont like getting thumped in side of head when they do. Want lower taxes and higher federal deficit, do it the right way, hand over your money to Moscow Mitch rather than IRS, LOL His answer to anything and everything is lower taxes on the rich. When they are zero he would support floating bonds so govt can send rich guys some of your tax dollars. Good boy Mitch, good boy, now roll over and play dead.
Our small business was "randomly" selected for a full research audit a few years ago. I don't wish that on anyone. The time suck was enormous. The agent comes to your place of business and works there verifying every single transaction for the whole audit year. The prep time to make copies of everything as well as reorganize reports in the forms he needed was ridiculous.
Yes, we passed the audit. No, we didn't owe any additional taxes and I was repeatedly congratulated by the agent for keeping good records. And no we aren't close to being rich guys, we're just a typical small family business with a handful of employees.
So now we're selected again for a new government audit to provide shipping data to the Census bureau. Not voluntary, "you are required by law to provide this data." The info they want is not easy to compile and I've spent hours on it already. I'm going to miss the deadline so I guess we'll find out what the penalty is.
Our small business was "randomly" selected for a full research audit a few years ago. I don't wish that on anyone. The time suck was enormous. The agent comes to your place of business and works there verifying every single transaction for the whole audit year. The prep time to make copies of everything as well as reorganize reports in the forms he needed was ridiculous.
Yes, we passed the audit. No, we didn't owe any additional taxes and I was repeatedly congratulated by the agent for keeping good records. And no we aren't close to being rich guys, we're just a typical small family business with a handful of employees.
So now we're selected again for a new government audit to provide shipping data to the Census bureau. Not voluntary, "you are required by law to provide this data." The info they want is not easy to compile and I've spent hours on it already. I'm going to miss the deadline so I guess we'll find out what the penalty is.
Those BEA surveys are horrible. One silver lining in that cloud is, usually in the instructions it says estimates are acceptable. I took that statement very literally when filling out their reports.
It sounds good but then you look at the irs pay tables and for like gs 12 and then the top step within that 10 steps up the tax professional pay is like 150k. Compared to their counterparts in corporate and the big four, that’s like mid level manager pay. They can’t compete with the intelligence and sophistication of the best when vps and partners are making multiples of that.
I’ve sat at conferences with their auditors 2 or 3 years after TCJA, and they still hadn’t even started training cycles on their agents. I work with the irs in their LB&I division through the CAP process and it’s basically you telling them what you did.
It’s like an aircraft carrier battle group versus a rubber ducky raft.
Overall, IRS audits plunged by 44% between fiscal years 2015 and 2019, according to a 2021 Treasury Inspector General for Tax Administration report.
While audits dropped by 75% for Americans making $1 million or more, the percentage fell by 33% for low-to-moderate income filers claiming the earned income tax credit, known as EITC, the report found.
If the CBO projection shows 200 billion in additional revenue over 10 years where do you think that’s actually coming from? Would it come from people who filled their taxes properly?
If the CBO projection shows 200 billion in additional revenue over 10 years where do you think that’s actually coming from? Would it come from people who filled their taxes properly?
This is what I don’t understand about the fuss. The IRS can’t take what’s not owed… but people sure can lie, cheat and steal. It’s hard to make a genuine error on your taxes, and particularly low income folks who very likely just have w2’s and a standard deduction which probably adds up to less than 4 pages of a filing.
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