IRS Enforcement – $38 Million Recovered

Since the Inflation Reduction Act provided additional monies to the Internal Revenue Service, Commissioner Daniel Werfel announced that over the past few months, almost 175 delinquent tax cases have closed generating around $38 million. In a statement, Commissioner Werfel stated, “This is just the start. We’re going to continue to go after the delinquent millionaires as we ramp up enforcement capabilities through the Inflation Reduction Act.”

In other IRS news, the agency announced that they will no longer send agents to residences and businesses unannounced due to worker safety and the prevalence of scammers posing as IRS agents. Instead, the agency will send letters and notices that will allow the individual or business to set up a meeting with the agent.

And as a final reminder, the deadline for 2022 federal income and tax returns is rapidly approaching for several counties in Arkansas, Indiana, Mississippi, and Tennessee that were affected by disaster declarations earlier this year. The deadline for these states is Monday, July 21, 2023. Extensions will need to be filed via paper Form 4868.

For more information, please reach out to the Professionals at The Center for Financial, Legal, & Tax Planning, Inc., at (618) 997-3436.