The IRS has announced new initiatives using Inflation Reduction Act funds to improve compliance among high-income individuals, complex partnerships, and large corporations, as well as continue to improve service, and modernize technology infrastructure. The initiatives targeting high-income and large corporate taxpayers, among those are South Florida business owners, include a large foreign-owned corporations transfer pricing initiative, expansion of the Large Corporate Compliance program, cracking down on the abuse of repealed corporate tax breaks, and the prioritization of high-income cases. When consulting with Florida CPAs pertaining this matter, take note that improving taxpayer service will include the expansion of in-person service, the launch of the business tax account, the ability to respond to IRS notices online, submit mobile-friendly forms, and enhancements to the online individual and tax professional accounts especially during tax season. The IRS is also modernizing decades-old technology to drive the agency’s efforts to provide improved customer service and protect taxpayers’ data.
News Release IR 2023-194 .
Source:
October 31, 2023—No. 2023-21
