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Large Corporations and Wealthy Taxpayers Beware: The Taxman is Coming | Holland & Knight LLP


Third, the Biden Administration s $1.5 trillion budget for fiscal year (FY) 2022 also focuses on enhancing taxpayer compliance – including an additional $900 million for audits, as part of a 10.4 percent increase in the IRS budget. In addition to IRS spending, the discretionary spending proposal includes $191 million for the U.S. Department of the Treasury s Financial Crimes Enforcement Network (FinCEN) to create a database that tracks the ownership and control of certain companies and organizations. The FY 2022 budget will likely include additional proposals to address the tax gap.
Congressional Initiatives
A number of Senate and House members also have introduced initiatives relating to enhancing IRS compliance of large corporations and wealthy individual taxpayer. While not the prime focus given the Biden Administration s infrastructure proposals, some portions of the below proposals could become part of the legislative deal making. ....

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IRS Commissioner and President Biden Draw Battle Lines | Gray Reed


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 dollars. The global pandemic and three rounds of stimulus money have costs. Those costs are only getting bigger as President Biden signaled an aggressive ....

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