Call us before the IRS starts expanded examination of high-income compliance, digital assets, FBAR violations, and labor brokers. We specialize in Revenue Officer engagement, audit representation, and 940/941 payroll tax liabilities.
The IRS will intensify work on over 1,600 taxpayers who earn above $1 million and have more than $250,000 in recognized tax debt by focusing dozens of Revenue Officers on these cases in FY 2024. Additionally, the IRS will open examinations of 75 of the largest partnerships including hedge funds, real estate investment partnerships, publicly traded partnerships, large law firms and other industries. By early October, they will also begin contacting around 500 partnerships with balance sheets with over $10 million in assets and begin adding these to their audit stream if necessary. In addition to these high profile cases, the IRS is expanding efforts involving digital assets, FBAR violations related to foreign bank accounts, and labor brokers involving construction contractor payments to shell companies posing as subcontractors. The IRS will scale up both civil audits and criminal investigations with efforts already demonstrated in Texas and Florida.