Tag Archives: audit
IRS Audit Rates Declined In 2022
According to a new report, the IRS audited fewer taxpayers last year than in 2021. However, high-income taxpayers ($1 million + net worth) saw a slight increase in their audit rates for FY 2022 after years of decline. This was … Continue reading
Supreme Court Seems Likely to “Dismantle” Student Loan Forgiveness Plan
Earlier this year, President Biden announced his plan to cancel up to $20,000 in federal student loan debt for qualified students. This was a monumental decision because of the millions of people across the country who suffer from over $1.6 … Continue reading
Increase Audit Chance from IRS with New Budget Hike?
The Inflation Reduction Act is jam-packed with new provisions regarding many things, from climate change to energy usage, and what is most concerning for the public, the new $80 billion funding to the IRS. With this new funding, the IRS … Continue reading
White House Says More IRS Funding Won’t Increase Audits for Lower Income Americans
On Monday, the Biden Administration received major backlash regarding concerns about the new $80 billion for the IRS in the Inflation Reduction Act package. The funding was intended to help the IRS crackdown on the collection of under-reported income … Continue reading
IRS Audit Rates Halted – Particularly the Wealthy
Big 4 Firms in SEC’s Scope Regarding Audit Independence
The US Securities and Exchange Commission is now probing potential conflicts of interest within big four firms which includes Ernst & Young, PricewaterhouseCoopers, Deliotte, and KPMG, as first reported by the Wall Street Journal. The probe will focus largely … Continue reading
Sales and Use Tax Red Flags – Managing Your Audit Risk
It should come as no surprise that sales and use tax is one of the main revenue streams of state and local tax authorities across the country and that audits are the primary means by which to maximize that stream. … Continue reading