TaxPro.World’s Post

In 2022, the U.S. Treasury Secretary directed the IRS not to use additional resources to audit taxpayers earning less than $400,000 a year. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has yet to develop a solid methodology to prevent it from increasing audits on these taxpayers. Although the IRS has stated it would use 2018 as a benchmark, it hasn’t finalized its methodology for calculating audit coverage. TIGTA has called particular attention to the IRS’s failure to explain its intention to “waive” audits from the calculation when the agency determines a taxpayer intentionally excluded income. To read the TIGTA report: https://bit.ly/3X8gQ28 #IRSTaxAudit #TaxFairness #TIGTA #TaxPolicy #Taxpayers

In 2022, the U.S. Treasury Secretary directed the IRS not to use additional resources to audit taxpayers earning less than $400,000 a year. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has yet to develop a solid methodology to prevent it from increasing audits on these taxpayers. Although the IRS has stated it would use 2018 as a benchmark, it hasn’t finalized its methodology for calculating audit coverage. TIGTA has called particular attention to the IRS’s failure to explain its intention to “waive” audits from the calculation when the agency determines a taxpayer intentionally excluded income. To read the TIGTA report: https://bit.ly/3X8gQ28 #IRSTaxAudit #TaxFairness #TIGTA #TaxPolicy #Taxpayers

In 2022, the U.S. Treasury Secretary directed the IRS not to use additional resources to audit taxpayers earning less than $400,000 a year. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has yet to develop a solid methodology to prevent it from increasing audits on these taxpayers. Although the IRS has stated it would use 2018 as a benchmark, it hasn’t finalized its methodology for calculating audit coverage. TIGTA has called particular attention to the IRS’s failure to explain its intention to “waive” audits from the calculation when the agency determines a taxpayer intentionally excluded income. To read the TIGTA report: https://bit.ly/3X8gQ28 #IRSTaxAudit #TaxFairness #TIGTA #TaxPolicy #Taxpayers

During the hectic part of tax season last March, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit of the IRS’s telephone lines. TIGTA was assessing whether taxpayers were afforded simple, fast and accessible service. According to TIGTA, the IRS generally met U.S. Treasury Secretary Janet Yellen’s expectations for the 2023 filing season by reporting a level-of-service average of 85.2%. It also reduced the average wait time to answer a taxpayer’s call to about three minutes. However, test calls identified shortcomings, including inconsistencies in providing callers the option to hear recorded messages in English or Spanish. Read the audit: https://bit.ly/41956OA #IRS #TaxSeason #CustomerService #TIGTA #Audit

During the hectic part of tax season last March, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit of the IRS’s telephone lines. TIGTA was assessing whether taxpayers were afforded simple, fast and accessible service. According to TIGTA, the IRS generally met U.S. Treasury Secretary Janet Yellen’s expectations for the 2023 filing season by reporting a level-of-service average of 85.2%. It also reduced the average wait time to answer a taxpayer’s call to about three minutes. However, test calls identified shortcomings, including inconsistencies in providing callers the option to hear recorded messages in English or Spanish. Read the audit: https://bit.ly/41956OA #IRS #TaxSeason #CustomerService #TIGTA #Audit

During the hectic part of tax season last March, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit of the IRS’s telephone lines. TIGTA was assessing whether taxpayers were afforded simple, fast and accessible service. According to TIGTA, the IRS generally met U.S. Treasury Secretary Janet Yellen’s expectations for the 2023 filing season by reporting a level-of-service average of 85.2%. It also reduced the average wait time to answer a taxpayer’s call to about three minutes. However, test calls identified shortcomings, including inconsistencies in providing callers the option to hear recorded messages in English or Spanish. Read the audit: https://bit.ly/41956OA #IRS #TaxSeason #CustomerService #TIGTA #Audit

Taxpayers who can’t pay the full tax they owe may request an offer in compromise (OIC) from the IRS. That’s a way to settle your tax debt for less than is owed. The IRS states that it generally approves an OIC from an eligible taxpayer if it’s reasonable. But suppose your OIC is rejected. If that happens, you have 30 days from the receipt of the rejection letter to file an appeal by submitting Form 13711 (Request for Appeal of OIC). You can also request an appeal by sending a letter to the IRS with certain information. You’ll need to explain why you’re disputing any items in the rejection letter and provide facts and documentation to support your position. Here’s more: https://bit.ly/3JCwhJU #TaxDebt #OfferInCompromise #TaxRelief

Taxpayers who can’t pay the full tax they owe may request an offer in compromise (OIC) from the IRS. That’s a way to settle your tax debt for less than is owed. The IRS states that it generally approves an OIC from an eligible taxpayer if it’s reasonable. But suppose your OIC is rejected. If that happens, you have 30 days from the receipt of the rejection letter to file an appeal by submitting Form 13711 (Request for Appeal of OIC). You can also request an appeal by sending a letter to the IRS with certain information. You’ll need to explain why you’re disputing any items in the rejection letter and provide facts and documentation to support your position. Here’s more: https://bit.ly/3JCwhJU #TaxDebt #OfferInCompromise #TaxRelief

Taxpayers who can’t pay the full tax they owe may request an offer in compromise (OIC) from the IRS. That’s a way to settle your tax debt for less than is owed. The IRS states that it generally approves an OIC from an eligible taxpayer if it’s reasonable. But suppose your OIC is rejected. If that happens, you have 30 days from the receipt of the rejection letter to file an appeal by submitting Form 13711 (Request for Appeal of OIC). You can also request an appeal by sending a letter to the IRS with certain information. You’ll need to explain why you’re disputing any items in the rejection letter and provide facts and documentation to support your position. Here’s more: https://bit.ly/3JCwhJU #TaxDebt #OfferInCompromise #TaxRelief

Do you know? FBR has tightened its grip on tax compliance! Now, if you haven't filed your last tax return on time, you'll be labeled a late filer. This new rule might pose a challenge for first-time filers. Let's see how FBR addresses this! Read More: https://lnkd.in/dQGdK3pq #FBR #TaxCompliance #ATL #Pakistan #Finance #Economy #Taxpayers