Starting Oct. 20, the United States Internal Revenue Service (IRS) is realigning its tax compliance organizations serving individual and small business taxpayers. The goal of the restructure is to primarily focus Small Business/Self-Employed on post-filing compliance and Wage & Investment on pre-refund compliance. Realigning core business operations in its Wage and Investment and Small Business/Self-Employed divisions is expected to make processes more efficient. In addition, the realignment will reduce redundancies and position themselves to improve their ability to identify emerging compliance issues. This change will be seamless for taxpayers and tax professionals. At present, IRS examination and collection activities for individuals and small businesses overlap between Wage & Investment (W&I) and Small Business/Self-Employed (SB/SE). After the reorganization, pre-filing compliance programs would move to W&I; post-filing compliance programs would move to SB/SE. Two new functions would be created in SB/SE, one focused on collection work and the other on examination work; and W&I or SB/SE identity theft victims’ assistance work would be centralized under W&I.
Related Posts
US issues new guidance on domestic content bonus credit for clean energy projects
The US Department of the Treasury and Internal Revenue Service (IRS), on 16 May, 2024, released additional guidance on the Inflation Reduction Act's (IRA) domestic content bonus. This initiative is part of President Biden's economic strategy to
Read MoreUS: IRS extends tax relief for Ohio taxpayers impacted by tornadoes
The US Internal Revenue Service (IRS), on Thursday, 16 May, 2024, in a release (IR-2024-141) announced tax relief for individuals and businesses in Ohio affected by tornadoes that began on 14 March, 2024. Taxpayers now have until 3 September,
Read MoreUS: Colorado passes combined reporting bill, Nevada proposes new marketplace facilitators regulation, Tennessee issues franchise tax notice
Colorado The Colorado House of Representatives and the Colorado Senate have passed House Bill 24-1134; this legislation intends to repeal the existing “three out of six test” for combination. As per this test, the combined group comprises
Read MoreUS: IRS releases 2025 HSA inflation-adjusted amounts
The US Internal Revenue Service (IRS) published on Thursday, 9 May, 2024, the Rev. Proc. 2024-25, in which it detailed the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for the 2025 calendar
Read MoreUS: Overpaid and underpaid tax interest rates for Q3 2024 remain unchanged
The US Internal Revenue Service (IRS) announced on Thursday, 9 May, 2024, that interest rates will remain the same for the calendar quarter beginning 1 July, 2024. For individuals, the rate for overpayments and underpayments will be eight percent
Read MoreUS: IRS extends tax relief for Oklahoma taxpayers impacted by severe storms and flooding
The US Internal Revenue Service (IRS) released OK-2024-01 on Monday, 6 May, 2024, in which it announced tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that
Read More