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Beginning June 15, IRS will begin issuing Final Notices of Intent to Levy. Enforcement action, including levies on wages and bank accounts, will begin 45 days after issuance for taxpayers with unresolved accounts. Resolving tax debt early can help alleviate burdens.
To embed, copy and paste the code into your website or blog: In his April 28, 2021 address, President Biden asked Congress to provide $80 billion of extra funding for the Internal Revenue Service (“IRS”) over the next decade. 1 While the timing and amount of any additional funding are uncertain, there appears to be general agreement that increased funding of IRS enforcement efforts is critical to reverse the steady decline of audits, criminal investigations and prosecutions over the last decade. 2 The IRS is not waiting for additional funds to ramp up its fraud and criminal enforcement ac...
The battle outside ragin’ And rattle your walls -Bob Dylan A change in presidential administrations brings with it the uncertainty of what the political, legal and tax landscape will look like in the future. Statements from the Commissioner of the Internal Revenue Service and the President of the United States are starting to provide clarity of what things will look like going forward. Here’s what we know and what you, as a taxpayer, should be thinking about as you adjust your financial planning. Government Spending is at Record Levels The national debt is now more than $28 trillion do...
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Wednesday, April 21, 2021 If you think the IRS will not find out about your cryptocurrency, think again. With Coinbase making its securities debut with a $85 billion valuation on April 14, 2021, and Dogecoin's value increasing 85 percent essentially overnight, the news spotlight will be on bitcoin, Ethereum and other digital currencies for the foreseeable future. However, cryptocurrency has been in the spotlight for the IRS for the past few years and virtual currency continues to be at the forefront of IRS investigations and enforcement priorities. Do you think the IRS is not watchi...