Prepare For More Audits Of Tax Info And Withholding Filings

By Jared Goldberger, Jenny Austin and Amit Neuman (August 12, 2021, 3:03 PM EDT) -- The Biden administration has set forth an array of big-ticket proposals since taking office and at least one thing seems to be clear: Increased enforcement by the Internal Revenue Service is on the horizon.

Since taking office, the administration has proposed a variety of tax compliance initiatives that seek to (1) collect additional revenue and (2) close the so-called tax gap — i.e., the difference between taxes owed to the government and taxes actually paid.

Although many of these initiatives are still being considered and negotiated in Congress, tax professionals are anticipating an increase in tax compliance enforcement through increased IRS...

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