Taxpayers need to act swiftly in getting their outstanding tax accounts settled and under control.
San Diego, CA (PRWEB) May 13, 2014
San Diego based tax firm, Love and Associates Inc., released insight today in what they expect to become a much more aggressive Internal Revenue Service in terms of audits and delinquent account collections.
The GAO (Government Accountability Office http://www.gao.gov) discovered that the IRS has requested a 10% increase to their 2015 operating budget (GAO-14-534R, Published: Apr 21, 2014.)
This equates to approximately a 12.5 billion annual budget. The main reason for this request is due to the face the IRS has had significant budget decreases in recent years and must now enforce and regulate many new tax laws on a budget that resembles the resources they had to operate on in 2009. With a significant need for the federal government to increase revenues and collection, it is an easy correlation that the increase in budget will lead to revenue generating measures for the IRS which tend to be focused on business and taxpayer audits as well as more aggressive collection measures for delinquent and outstanding taxes.
Senior Tax Analyst from Love and Associates says, “Taxpayers need to act swiftly in getting their outstanding tax accounts settled and under control. In the 15-years of my career I have never seen a more amicable IRS when it comes to terms of getting back into compliance. However, I have seen state and local taxing authorities begin to act in a very aggressive and rigid manner and approach and I don’t suspect it will be much longer for the IRS to behave the same.”
Love and Associates, Inc is a tax resolution, tax preparation and tax planning company located in San Diego, CA with clients all over the world. They offer support for small to medium size businesses as well as solutions for those with tax problems and tax burdens.
Daniel Love, Senior Tax Analyst