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Surprise: $400,000 IRS Audit Pledge Broken

September 15, 2023 by admin

Thursday, September 14, 2023 – It’s clear as day: Biden’s promise to refrain from auditing households and small businesses making less than $400,000 a year was never believable from the get-go. The Treasury Inspector General for Tax Administration (TIGTA) just dropped a bombshell report saying as much. They reveal that the IRS is hopelessly out-of-date, using income thresholds from 1976! That’s right—while your cost-of-living skyrockets, the IRS is stuck in a time warp, holding onto an archaic definition of “high income” set at $200,000. This bureaucratic inflexibility isn’t just a quirky footnote; it’s leading to more audits for the little guy.

What’s even more shocking is that when TIGTA recommended that the IRS update this decades-old standard to align with Biden’s supposed $400,000 pledge, the IRS flat-out refused. They claim they need “agility” to go after anyone they please. This isn’t agility; it’s a power grab. The IRS wants an unchecked ability to audit whomever they wish, flying in the face of the President’s alleged intentions.

TIGTA didn’t mince words either. They slammed the IRS for having “no common understanding” of what high-income even means. And let’s not forget the report’s title: “The IRS Needs to Leverage the Most Effective Training for Revenue Agents Examining High-Income Taxpayers.” Translation? The IRS is not just outdated but woefully unprepared to enact even their own directives.

So here it is, plain and simple: the IRS isn’t about to rein itself in, and the Biden administration’s pledges are looking emptier by the day. It’s another glaring example of why expansive government power should be viewed with the utmost skepticism.

https://www.tigta.gov/reports/audit/irs-needs-leverage-most-effective-training-revenue-agents-examining-high-income


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

Filed Under: Today's Tax Talk Tagged With: Audit, IRS

The IRS’s AI Overreach: What Does It Mean To You?

September 13, 2023 by admin

Monday, September 13, 2023 – The IRS was granted $80 billion in the Inflation Reduction Act, a development that has many concerned about an uptick in audits. I’ve long warned that the real issue to watch out for is the increased scrutiny enabled by information technology and artificial intelligence (AI). Now, my concerns are coming to fruition.

Armed with this windfall, the IRS has declared its intent to use AI to audit wealthy individuals and large financial partnerships, specifically those with an average of $10 billion in assets. While the agency’s initial focus appears to be on high earners and the ultra-rich, the fundamental issue is the Pandora’s Box that opens when the IRS begins to integrate AI into its audit procedures. Once the technology for “pattern recognition” and trend identification is unleashed, what safeguards are in place to prevent its application on middle-income Americans?

Today, the IRS says it will go after those who earn more than $1 million and have more than $250,000 in recognized tax debt. Seems fair, right? But don’t be fooled. The IRS has also signaled its intention to cast its AI net over digital assets—a rapidly expanding field that many average earners are entering – and all 1099 information return earners.

So, why does this matter? Because today’s focus on high-income earners is just a precursor to extending this technology to average Americans. While some may celebrate these developments as efforts to make the wealthy pay their ‘fair share,’ we must question what this means for the freedoms and privacy rights of all taxpayers. With the IRS’s enhanced capabilities courtesy of the Inflation Reduction Act, it’s more critical than ever to remain vigilant against potential overreach and abuse.


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

Filed Under: Today's Tax Talk Tagged With: AI, Audit, IRS

Yellen: 90% Of New Audits On Small Business

March 14, 2023 by admin

Monday March 13, 2023 – The Administration has been clear (??) the Inflation Reduction Act funding to the IRS, almost $80 billion, will not be used to Audit those making less than $400,000 per year. Or will it.

Last week the new Commissioner of the IRS said, I think unequivocally, that the Inflation Reduction Act money will not be used to audit those taxpayers. But, on Friday March 10th, Treasury Secretary Yellen appeared before the House Ways and Means Committee and admitted that more than 90% of any new audits supported by that money will be used to audit small businesses and individuals making less than $400,000 per year.

If you listened closely over these past months, you knew this was the case. There was always some “wiggle room,” as Senator Crapo put it. And trying to get a straight answer was always met with obfuscation.

Now, I think the truth is out. Will it make a difference?

Attorney Steven A. Leahy goes over this new information on Today’s Tax Talk.

https://www.cnn.com/2022/08/10/politics/yellen-new-irs-funding-audits/index.html

https://finance.yahoo.com/video/yellen-appears-admit-90-irs-201955117.html


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

Filed Under: Today's Tax Talk Tagged With: Audit, IRS

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