Inflation Reduction Act

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IRS Grants Penalty Relief for CAMT Underpayment of Estimated Corporate Taxes

The IRS recently issued a critical update for corporations regarding the Corporate Alternative Minimum Tax (CAMT), a change introduced in the Inflation Reduction Act. This new legislation introduced a CAMT based on a corporation’s adjusted financial statement income effective after December 31, 2022. Under normal circumstances, corporations are required to make quarterly estimated income tax […]

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IRS Targeting High-Income Taxpayers with Unfiled Returns

After its success targeting millionaires with unpaid taxes, the IRS has launched a new initiative to improve tax compliance among high-income taxpayers who have not filed federal income tax returns since 2017. This effort, funded by the Inflation Reduction Act, involves sending out IRS compliance letters to more than 125,000 cases where tax returns have not been filed since 2017. These mailings began in

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IRS’s Aggressive Compliance Measures Bring in Over $500 Million from Millionaires

In a recent update that underscores the effectiveness of heightened compliance activities, the Internal Revenue Service (IRS) has made a significant impact on tax collection from high-net-worth individuals. Commissioner Daniel Werfel reported that, thanks to increased scrutiny on millionaires suspected of tax evasion, the IRS has successfully collected $482 million thus far. This announcement came

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New IRS Funding Boosts Enforcement and Taxpayer Assistance

As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for

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What Should the IRS Do With New Funding?

Senate Finance Committee Chairman Ron Wyden recently shared his expectations for the recently allocated funds from the Inflation Reduction Act. In a letter to Department of the Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig, Chairman Wyden identified, in addition to not increasing the audit rates compared to historic levels for those making less

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