The Internal Revenue Service (IRS) confirmed this month that it will be classifying syndicated conservation easements as abusive tax transactions going forward. While syndicated conservation easements have long been a red flag for the IRS, this new development increases the risks for taxpayers who rely on syndicated conservation easements to […]
Category: IRS
Even with 2025 fast approaching, Employee Retention Credit (ERC) fraud enforcement remains a top priority for the Internal Revenue Service (IRS). As we have discussed previously, the IRS has identified billions—and potentially trillions—of dollars in taxpayer losses resulting from ERC fraud, and it is now working to claw back as […]
The Internal Revenue Service (IRS) is targeting high-income and high-wealth taxpayers. Over the past year, the IRS has launched two separate initiatives focused specifically on enforcing high-income and high-wealth taxpayer compliance. It has also made clear that it is prioritizing enforcement in several areas that are of particular concern to […]
With football season underway, the Internal Revenue Service’s Criminal Investigation Division (IRS CI) is warning U.S. taxpayers to make sure they have a clear understanding of the tax implications of sports gambling. As IRS CI explains, “Individuals who engage in sports betting activities are required to report their winnings on […]
As the Internal Revenue Service (IRS) continues to focus on uncovering Employee Retention Credit (ERC) fraud and recovering fraudulent credits and refunds from taxpayers, it is also devoting resources to targeting so-called “promoters.” While the IRS’ definition of “promoters” includes bad actors who operated ERC filing scams during and after […]
On August 15, 2024, the Internal Revenue Service (IRS) announced that it is reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program, effective immediately through November 22, 2024. As IRS Commissioner Danny Werfel explains in the IRS’ News Release, “[t]he limited reopening of the Voluntary Disclosure Program provides an opportunity for […]
In a recent News Release, the Internal Revenue Service (IRS) announced that it plans to crack down on the abuse of partnership tax “loopholes” over the coming years. As the News Release states: “As part of ongoing efforts to focus more attention on high-income compliance issues, the Internal Revenue Service […]
The Internal Revenue Service (IRS) has announced a new enforcement initiative focused on high-income non-filers. According to a recent News Release, the IRS is specifically targeting high-income taxpayers who failed to file returns between 2017 and 2021. As the IRS calculates failure-to-file and failure-to-pay penalties based on the amount due, […]
A recent article on Forbes.com discusses a lawsuit filed against the Internal Revenue Service (IRS) that seeks to force the agency to lift its moratorium on new Employee Retention Credit (ERC) claims. The IRS imposed its moratorium last September amidst concerns of widespread fraud under the ERC program, and, according […]
If you received an unfavorable audit determination from the Internal Revenue Service (IRS), challenging the outcome of your audit will involve filing an appeal. In most cases, this starts with filing a “protest” with the appropriate IRS office. Before you file, however, you need to ensure that doing so is […]