Tax Flash - IRS Ramps Up Audits of High Earners

The IRS is planning to audit more high-income taxpayers, Treasury Secretary Steven Mnuchin told House lawmakers this week. The plan comes on the heels of recent reports that the IRS has conducted more audits of lower-income taxpayers largely because of the increased complexity and resources needed for high-income examinations. In doing so, the Trump administration’s FY 2021 budget request proposes $12 billion in base funding for the IRS, which would provide an increase from currently enacted levels of $11.5 billion.

If you or your business have legal questions or concerns regarding a state or federal tax audit, the professionals at Wilson Tax Law Group are available to assist and can be reached at 949-397-2292. Wilson Tax Law has offices in Newport Beach and Yorba Linda, California. Wilson Tax Law assists clients throughout California, the United States and worldwide.

No comments:

Post a Comment

Tax Alert- California Excludes PPP Loan from Income but Disallows Necessary and Ordinary Business Expenses

California "will not tax" forgiven Paycheck Protection Program (PPP) loan amounts. For tax years beginning on and after January 1,...