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IRS May Raise Threshold for Audits of High-Income Taxpayers

The Internal Revenue Service has improved its audits of high-income taxpayers but needs to re-evaluate whether the threshold of $200,000 for auditing wealthy taxpayers efficiently uses the agency’s examination resources, according to a new report. The report, from the Treasury Inspector General for Tax Administration, evaluated the IRS’s efforts to ensure the tax compliance of

Posted on November 24, 2015

IRS Tests W-2 Verification Code for Next Season

For filing season 2016, the Internal Revenue Service will test a capability to verify the authenticity of W-2 data as part of a series of steps to combat tax-related ID theft and refund fraud. The IRS has partnered with certain payroll service providers to include a 16-digit code and a new verification code field on

Posted on November 18, 2015