The Era of Constant Change:
This Era is a wild ride with impulsive tax policy shifts, constantly changing technology, globalization, the spread of knowledge, and economic and political uncertainties. We call it a “Real Time Test” for how Experts navigate these changes quickly, adapt, and expand the skills and tools needed to avoid any tax compliance risks in the future.
Increased IRS Enforcement:
Consequently, the Inflation Reduction Act (IRA 2022) gave the IRS $80 billion. More than half of this funding goes toward enforcement activities like audits, collections, criminal investigations, and legal support. Furthermore, this means the IRS will improve its customer support system to address tax issues faster and more efficiently.
Navigating Complex Regulatory Shifts:
Therefore, recent changes like the Inflation Reduction Act, the Tax Cuts and Jobs Act (TCJA), and the growing importance of Environmental, Social, and Governance (ESG) factors require businesses to be extra vigilant about their tax affairs to ensure tax compliance.
Individual Tax Considerations:
In addition, to deal with inflation and the fear of recession, the IRS made several tax changes for 2022. We’ll discuss these in detail in a separate article. However, staying informed or working with a tax professional is crucial to reduce your tax liability and take advantage of all the available options.
The Need for Proactive Compliance:
Individuals and Businesses need to take action to avoid tax non-compliance. Our Professionals closely monitor and interpret all tax law changes and apply them accurately to each client’s situation, ensuring tax compliance.
For more information on how we can help you in your tax-related matters, please contact to us