Tuesday, October 3, 2023 – The Internal Revenue Service (IRS) has recently showcased a markedly antagonistic stance towards affluent taxpayers and prosperous businesses under the guise of taking a determined stride in ensuring that wealthier taxpayers pay what’s deemed their “fair share” in taxes. This stance, unambiguously reflected in their public pronouncements, puts wealthy individuals and successful businesses under a pronouncedly meticulous lens. Make no mistake, they are targets!
With an $80 billion influx from the Inflation Reduction Act, the IRS is ready to onboard 87,000 new agents, a hefty investment with an anticipated retrieval of $180 billion in additional revenue. The agency’s strategy is undeniably transparent: it’s targeting high-income earners, presuming that some may be employing illegal strategies to sidestep their full tax obligations.
In addition to this, the IRS has taken several pivotal steps. First, they’ve suspended a pandemic-era initiative, the Employee Retention Credit (ERC), which has been a financial lifeline for numerous businesses amidst the pandemic. Second, an additional 3,700 auditors are being recruited, specifically tasked with scrutinizing the financial filings of affluent individuals and complex business entities. Third, a new division focusing on corporations with substantial pass-through income is being established. Finally, non-traditional earners, especially those using digital payment platforms, will be subject to forthcoming regulations.
Regardless of your perspective on the IRS’s intensified tactics, a prevailing theme emerges: businesses and individuals alike, especially those in wealthier brackets, should brace for amplified scrutiny.
My streamlined advice: Join our Freedom Fighters membership and Fight Back! Because when the IRS comes calling, you’ll want your financial house in impeccable order. Welcome to the new era of fiscal vigilance. Go to OpemTax.com to become a Freedom Fighter!
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649
