What Are IRS Audit Priorities in 2024?

IRS tax auditWith the ever-evolving tax environment, staying informed about IRS audit priorities is crucial for both individuals and businesses. As we step into 2024, it’s evident that the IRS is sharpening its focus on certain areas. The Law Office of Max Benkel, PC, anchored in Atlanta, GA, stands at the forefront, ready to offer guidance and legal assistance through these developments.

IRS Targets High-Earners and Big Businesses

The IRS has made it clear that taxpayers with high incomes, as well as large and complex businesses, are its main priority. If you fall into either category, meticulous record-keeping and ensuring proper filing become even more vital. Specific areas of increased IRS focus include:

  • Cryptocurrency Transactions: The IRS is honing in on cryptocurrency. Improper reporting of cryptocurrency transactions could lead to an audit.
  • Foreign Bank Account Reporting (FBAR): Failing to disclose foreign bank accounts exceeding certain thresholds can result in stiff penalties. The IRS is cracking down on non-compliance in this area.
  • Construction Industry and Cash-Based Businesses: Businesses receiving a significant amount of payment in cash are often flagged for IRS attention. The construction industry, in particular, is subject to higher IRS scrutiny.

Protect Yourself –  The Role of Experienced Tax Representation

If you are facing an IRS audit or have concerns about your tax situation, working with an experienced tax attorney can make a significant difference. A seasoned tax attorney in Georgia can help by:

  • Ensuring you understand your rights during an audit
  • Reviewing your records and tax filings to identify potential issues
  • Communicating with the IRS on your behalf
  • Negotiating favorable outcomes, such as installment agreements or Offers in Compromise

The IRS’s increased funding and shifting priorities mean that proactive tax compliance and strategic legal representation are more important than ever. If you’re a high-income taxpayer, a business owner, or simply worried about your tax situation, the Law Office of Max Benkel is ready to offer experienced guidance and strong advocacy.  Contact us today to discuss your case.

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