New IRS Crackdown Proposed

By Admin
Estimated read time 1 min read
April 16, 2023

FILE - In this Friday, March 22, 2013, file photo, the exterior of the Internal Revenue Service building in Washington, is shown. The Obama administration, on Tuesday, Nov. 26, 2013, launched a bid to rein in the use of tax-exempt groups for political campaigning. The effort is an attempt to reduce the role of loosely regulated big-money political outfits like GOP political guru Karl Rove's Crossroads GPS and the pro-Obama Priorities USA. The Internal Revenue Service and the Treasury Department said they want to prohibit such groups from using "candidate-related political activity" like running ads, registering voters or distributing campaign literature as activities that qualify them to be tax-exempt "social welfare" organizations. (AP Photo/Susan Walsh, File)

The Internal Revenue Service (IRS) said it would increase enforcement in the area of digital asset transactions and listed transactions.

The federal agency identified certain transactions to have high-risk issues in noncompliance and vowed to ramp up enforcement in those transactions.

“The IRS tracks many known, high-risk issues in noncompliance, such as digital asset transactions, Best PDF Editor listed transactions and certain international issues. These issues arise in multiple taxpayer segments, and data analysis shows a higher potential for noncompliance,” the tax agency wrote in its newly-released funding plan (pdf).

More: https://www.theepochtimes.com/irs-to-prioritize-enforcement-including-criminal-investigation-for-certain-assets_5181321.html?utm_source=top5noe&src_src=top5noe&utm_campaign=top5-2023-04-16&src_cmp=top5-2023-04-16&utm_medium=email&est=2SJKowNXnNO9YmGpbAiHpo394CpR4vuS2cPJ6EDDxQUHfNlDP8AI%2FQnAIi3iAHoWPzo15vvDSg%3D%3D