Ari Hershowitz’s Post

The #IRS today released an update on the Strategic Operating Plan, a blueprint outlining future plans for the agency’s #transformation work and highlighting dozens of improvements for taxpayers since passage of the Inflation Reduction Act in Aug 2022 (such as answering a million more calls than last year, enhancing many of our online tools, conducting the Direct File pilot, and many other accomplishments). Follow this link to read more! #strategicplan #strategicgoals #processimprovements #digitalexperience #tax

The IRS today released the annual update on their Strategic Operating Plan, detailing some of the key focus areas for the additional $80 billion in funding they will receive over the next 10 years as part of the Inflation Reduction Act. Straight from the IRS press release, the 5 key objectives of the SOP are: Objective 1. Dramatically improve services to help taxpayers meet their obligations and receive the tax incentives for which they are eligible. Objective 2. Quickly resolve taxpayer issues when they arise. Objective 3. Focus expanded enforcement on taxpayers with complex tax filings and high-dollar noncompliance to address the tax gap. Objective 4. Deliver cutting-edge technology, data and analytics to operate more effectively. Objective 5. Attract, retain and empower a highly skilled, diverse workforce and develop a culture that is better equipped to deliver results for taxpayers. I can say from personal experience that Objectives 1, 2, 4 and 5 have desperate need for improvement. Objective 3 is said to be focused on individual taxpayers with "total positive income of more than $10 million, large corporations with assets over $250 million and complex partnerships with more than $10 million in assets. They assert that small businesses and individuals with income under $400,000 will not see any increase in audits. Whether you're facing heightened IRS enforcement or simply seeking expedited resolutions without relying on IRS efficiency, having a seasoned professional in your corner is invaluable. The team at Perkins & Co are some of the best in the country. #taxes #bestaccountants #IRSaudits https://lnkd.in/g-jF9A6K

𝗟𝗮𝘀𝘁-𝗠𝗶𝗻𝘂𝘁𝗲 𝗧𝗮𝘅 𝗙𝗶𝗹𝗶𝗻𝗴 𝗦𝘂𝗿𝗴𝗲 𝗮𝘀 𝗜𝗥𝗦 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲𝘀 𝗟𝗼𝗼𝗺 As the tax filing deadline approaches, over a million returns are being submitted hourly. Enhanced IRS service improvements funded by the Inflation Reduction Act have markedly reduced phone wait times and improved direct filing experiences, helping taxpayers and preparers navigate the crunch. Despite improvements, many are opting for extensions, underscoring the perennial challenge of timely tax filing. Tax professionals emphasize careful filing to avoid errors and penalties associated with late submissions. #finance #news #TaxSeason #IRSDay #FilingDeadline Source: https://lnkd.in/gUrfYVPA

Since the introduction of the Inflation Reduction Act more than two years ago, the Internal Revenue Service has been hard at work putting its increased funding towards a range of initiatives, including improving services like its Business Tax Account and other programs. As the pace of new guidance and regulations increases, tax professionals are keeping a close watch on what’s coming next. Read more in the latest Accounting Today compilation of new guidance and campaigns from the IRS to learn how these changes affect your business. #tax #accounting

The IRS is Stepping Up Tax Enforcement with Data and Analytics The IRS recently published their 2024 Strategic Plan, outlining goals to address tax noncompliance through expanded use of data and targeting certain taxpayer segments. Fairness is a key focus - they aim to ensure the largest and most complex filers pay what they owe through an empowered workforce and advanced technology. As the IRS ramps up enforcement capabilities, now is the time for taxpayers who may be behind on filings or payments to get their taxes in order. Mistakes or noncompliance could lead to expensive penalties or audits down the road. We are here to help taxpayers get current and avoid potential problems. We have the experience and expertise to analyze your unique tax situation, prepare amended or delinquent returns, and develop a compliance strategy. Don't risk penalties or audits. Reach out today to discuss your options and get your taxes settled. My team and I would be happy to review your situation and put a plan in place to get you back into compliance. #TaxHelp #GetTaxHelp #TaxCompliance #BackTaxes #PeaceofMind #IRS

Legislation like the IRA has combined with growing consumer interest in digital assets, pandemic relief measures and other market factors into a force driving the IRS to issue fresh guidance. This regulatory clarity helped erase some of the uncertainty regarding increased compliance burdens. Tom O’Saben, director of tax content & government relations at the National Association of Tax Professionals, said the IRS’s quickened pace this year has highlighted the importance of staying current with filing standards. “Clients rely on tax professionals to navigate complex, ever-changing tax laws,” O’Saben said. “Staying updated with IRS guidance is essential for ensuring that tax returns are accurate and compliant with the latest regulations. Tax professionals must know new rules, interpretations and deadlines to avoid errors and penalties.” #tax #accounting

We’re thrilled to share the IRS has announced that #DirectFile will be a permanent, free tax filing option, and they’ve invited all 50 states and D.C. to join in Filing Season 2025. This year’s pilot (offered in 12 states) proved it saves taxpayers time and money. And 90% of taxpayers who used the tool this year rated it “above average” or “excellent!” Now that Direct File is permanent, it’s time to call on your state to participate next year! This service has already helped people access the tax credits they deserve and should be available to more taxpayers. #FreeandFairFiling #DirectFileHereToStay #TaxTruths #BetterIRS Learn more: https://lnkd.in/eiZPg7Xz

🚨 Breaking News: IRS Announces New Initiative to Combat Tax Evasion! 🚨 The Internal Revenue Service (IRS) has just unveiled a groundbreaking initiative to tackle tax evasion among wealthy business partnerships, potentially generating an additional $50 billion in revenue over the next decade. 💼 Key Highlights: 🔍 Cracking Down on Basis Shifting Transactions: The IRS aims to end the practice of moving funds between properties to maximize tax deductions without a substantial business purpose. 📈 Increased Audit Rates: Expect a significant rise in audits for wealthy taxpayers and large corporations. The IRS is gearing up by hiring a robust team of accountants, engineers, economists, data scientists, attorneys, and tax experts to conduct these complex audits. 🛡️ Protection for Middle-Class Americans: Households earning less than $400,000 a year will be shielded from increased audit rates, ensuring that this initiative targets the intended high-net-worth entities. 📞 Enhanced Taxpayer Services: Thanks to funding from the Inflation Reduction Act, the IRS has already answered 1 million more calls this year compared to the previous tax season. 💻 Introducing Direct File: The IRS is piloting its own free tax filing service, making tax season easier and more accessible for all. This initiative represents a significant step towards ensuring a fairer tax system and bolstering public trust in our tax administration. #IRS #TaxEvasion #InflationReductionAct #TaxAudit #DirectFile #TaxReform #BusinessPartnerships #WealthManagement #TaxLaw https://lnkd.in/gBgEPZuR

The IRS "announced that Direct File will be a permanent, free tax filing option and invited all 50 states and the District of Columbia to join in Filing Season 2025. This announcement follows a successful Pilot Program that saw 140,000 taxpayers claim more than $90 million in refunds and save an estimated $5.6 million in filing costs." #incometax #taxfiling #taxreturns #taxpreparation #IRS #directfile #federalincometax #efiling #treasury

“Direct File not only saved people money, not only saved people time, but helped people have a good experience with the IRS.” Of the over 11,000 who took surveys about the product, 90% rated their experience as “excellent” or “above average.” https://ow.ly/QQQ150Rr2mR #IRS #Tax #DirectFile #DigitalGovernment