The Inflation Reduction Act has passed and is now law. Does this mean your IRS audit chances just went up? The bill includes new funding for the IRS, with the majority going towards enforcement. Will the IRS really be hiring 87,000 new agents to audit you or your small business?
In this video, I’m going to give you the straight facts along with my balanced opinion. Later I’ll give a brief IRS tax refund update.
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Do you have questions about the Your IRS Audit Chances Just Went Up | Inflation Reduction Act & IRS Tax Refund Update? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.