In this episode, we reconnect with tax expert Andrew Poulos to jump into the anticipated IRS updates for the year 2024. As we traverse through recent transformations within the IRS, Andrew sheds light on what lies ahead for taxpayers and practitioners. This episode is a treasure trove of information for those looking to stay ahead of the curve in tax planning and compliance.
Listeners will gain a comprehensive understanding of the IRS’s increased budget and its implications for enforcement, notices, and taxpayer interaction. Andrew highlights key areas the IRS is targeting, such as electric vehicle credits, worker classification, and the Employee Retention Credit (ERC). The discussion also ventures into the strategic side of tax representation, emphasizing the importance of building a professional rapport with the IRS for improved outcomes in tax resolution cases.
Key Takeaways:
- The IRS is ramping up enforcement by increasing budgets and personnel, leading to a more aggressive approach to tax collection.
- Priority areas for IRS enforcement include the Employee Retention Credit (ERC), electric vehicle (EV) credits, and the distinction between employees and independent contractors.
- Strategies are key in tax representation, and a good rapport with IRS agents can significantly influence the resolution process.
- The IRS is working towards better technology integration to streamline processes like amended returns, yet there are still challenges to overcome.
- The IRS engages with tax professionals to bridge the understanding gap and improve the overall tax compliance and resolution landscape.
Notable Quotes:
- “Most people will be proactive, but a lot will just kind of lay low either because they don’t have the money, they have other problems going on in life.” - Andrew Poulos
- “As they beef up, you can expect more notices to be fired out. They’ll be a bit more aggressive. We’re trying to collect.” - Andrew Poulos
- “With strategy… you got to discuss the options and the risks with the client. Let them make the decision and basically execute the strategy when you can.” - Andrew Poulos
Episode Sponsor:
Legacy Lock (www.teachingtaxflow.com/legacy)
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