In January, the Large Business and International Division announced the launch of its thirteen new campaigns that focus on areas which the IRS suspects it can garner additional revenue. As the number of audits conducted by the IRS continues to decrease, the 2017 solution will focus on target-rich environments and getting the most money out of each audit in order to keep money flowing to the United States Treasury. As a result, this means that there will be stricter scrutiny of those people and companies that are likely to hide money or underreport their tax burden. Accordingly, tax specialists are warning their clients and requesting that they hand over substantially more information to the IRS. The best practice will be to respond promptly and thoroughly so that the IRS will cease any further investigation.
See Ben Steverman, This Year’s IRS Audits Are Bad News for the Rich, Private Wealth, February 28, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
