This week the Biden Administration is expected to announce a proposal to provide the Internal Revenue Service an additional $80 billion in funding and expanded authority to prioritize enforcement and audit efforts against high earners and corporations. As part of his “American Families Plan” which he will detail in his address to a joint session of Congress on Wednesday, President Biden is expected to announce his proposed funding increase could raise at least $700 billion over the next ten years.
The proposed funding would result in an increase in revenue and enforcement agents and provide the IRS with new technological capabilities in an effort to aggressively audit those, both individuals and businesses, who may be underpaying taxes. The plan also calls for additional information disclosures being required making it more difficult to conceal taxable income and assets.
Flannery | Georgalis has a team of former Department of Justice tax prosecutors and IRS criminal special agents with over a century of civil and criminal tax investigation, tax collections, tax audit and enforcement experience. We understand the significant challenges clients face when confronted with a tax controversy and the importance of having knowledgeable, experienced counsel. Contact us immediately if you or your clients receive any audit, enforcement, or collections communications from the Internal Revenue Service.
F | G’s professionals focusing on tax matters include: