Tax Law Offices Team, Tax Attorneys, Naperville IL (2024)
Tax Law Offices is Ready for New Year‘s Changes at IRS (2024)
Orlando: We constantly improve our tax lawyers and technical support staff. This time the training conference was in Orlando FL, which is one of the most fun places in this country! Lots to do, lots to see.
And there was a lot to learn, to help you in the new year.
The IRS is Using More Tech
The government is changing, becoming more technical and automated. Tax filings have already become more electronic. Payments now are mostly done online. The IRS is also using more artificial intelligence (A.I.) models to:
- Audit tax returns for errors,
- Research income information to discover unfiled tax returns, and
- Gather information used to collect unpaid taxes.
With these tools, the IRS can better detect late filings, late payments, unreported income, undisclosed assets, etc.
Changes in Tax Law Could Help You
Every week, firms like Tax Law Offices successfully argue for more advantages in tax payment plans, and for more favorable Offer-in-Compromise settlements. Just this past year, here are a few changes:
- For OIC settlements: Some of your cash may be exempt from payment to IRS. Also, more of your life or retirement savings can be protected from IRS collections.
- For establishing payment agreements: Most (or all) of your school loan repayments are considered before making payments to the IRS.
- For audits: IRS now uses A.I. generated models to estimate your income and expenses. In fairness, we are also allowed to use the same A.I. resources to your advantage.
- For users of payment platforms: For those who use 3rd party payment platforms (like Zelle, CashApp, VenMo, PayPal, etc.), the IRS-required information is now limited. The IRS will only receive Form 1099 reports for accounts that processed payments over a $20,000 annual threshold, beginning in 2024. This is a big improvement from the $600 payment threshold that was previously established.
We are Training IRS’s New Staff to Be Better
The tax attorneys at Tax Law Offices, as well as our “paralegal” staff are highly trained in handling tax matters. Make no mistake, career professionals at the IRS are also highly trained. However, the new people at the IRS are very much untrained.
This is a great opportunity for you.
These new workers at IRS are now answering the telephones, conducting audits, and negotiating payment arrangements. Because tax lawyers like us speak with these new people daily, we have spent this last year helping to train them to be better for you. This includes:
- Learning more of what a business owner endures in daily home and work life, and being more sympathetic.
- Better understanding the nature of business records, and that they will rarely be “perfect”. This has lowered their expectation of what IRS can actually gather from Taxpayers like you.
- Learning how to better manage the timeline of cases. We want the IRS to expedite your cases. We are teaching the newbies how to resolve cases faster, because that helps you in the end.
Tax Law Offices wishes you the best New Year, and we look forward to serving you even better in 2024.