The Inflation Reduction Act increased the IRS budget by roughly $80 billion over 10 years. But what exactly will this look like? Rumors abound in the media about 27,000 new auditors coming for taxpayers' assets, but the reality is much different. This program will cover the impact of the COVID-19 pandemic on the IRS, the current status of enforcement, and what practitioners and their clients can expect to see in the next two years from the IRS. We will cover the impact of the new hiring and systems on IRS exam selection and coverage and enforcement with tax lien and tax levy automation. The program will also review the changes to the collection alternatives for taxpayers to resolve their tax issues, including Offers-in-Compromise, Installment Agreements and Uncollectible status.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Taxes (2 hours)