Budget

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Bipartisan Budget Act of 2015 first results of partnership audit procedures

As the IRS is increasing the attention on partnership returns, especially those with higher asset value or more complexity, we should keep into consideration the first results of the partnerships audits subject to Bipartisan Budget Act that are now ending. The Bipartisan Budget Act (BBA) was passed in 2015, but it was effective from 2018.

By |2024-06-25T21:45:34+00:00June 25th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

IRS Strategic Operating Plan update released: a) better service b) more audits and c) more 60% funding

Early March 2024, the IRS released their Strategic Operating Plan Update in their  IR-2024-130 communication with the following updates: a) Better services: Keep enhancing live assistance in call centers (hopefully lower wait times even in the tax priority line and more experienced IRS phone agents), simplifying up to 200 notices so it might be easier

By |2024-05-08T20:31:20+00:00May 8th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , |
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