How Will the 2020 Audit Plan Affect You?

October 21, 2019
 

 

The 2018 tax season is over, and we’ve made it out alive! It’s now time to look forward to the 2019 season and we are gearing up for some possible changes to the US tax code. Treasury Inspector General for Tax Administration (TIGTA) has just released their 2020 Annual Audit Plan and we at Taxman & Associates have read about a few topics in this report that could affect our clients. According to the article, Auditing The IRS: What Is Coming In 2020, on Forbes.com, these are the items that we should be keeping an eye on:

  • Early Distributions
  • Schedule C Audit Selection
  • Withholding Compliance of Partnerships With Foreign Partners
  • Virtual Currency Exchange Audits
  • High-Income/High-Wealth Nonfiler Strategy
  • Earned Income Tax Credit Examination Strategy
  • Tracking the Costs of the Private Debt Collection Program
  • Treatment of Large Refunds Under Internal Revenue Code Section 6405 Threshold
  • Accuracy of Taxpayer Entries on Tax Return Lines Labeled As “Other”

Read up on this article for more information on how the upcoming 2019 tax season could affect you. And as always, we at Taxman are here to answer any questions you may have!