In this episode, Jeff discusses:
- An overview of the IRS's $87 billion fund
- Dealing with an IRS audit
- Improved enforcement measures are a big part of the IRS's $87 billion fund
- Get out of your comfort zone.
Key Takeaways:
- The $87 billion IRS infusion means more audits, and if you earn over 400k, you'll have a higher chance of being audited in the next 5-10 years. It does not mean, however, that you will not be audited if you make less than 400,000 because they still audit tax returns.
- Audit compliance is simply adhering to the rules. You can do it if you can, but if you cannot, hire a professional to make sure you're staying compliant and helping you plan for your future.
- It takes years to become a revenue officer or a revenue agent for IRS audits to become fully proficient in their systems and those types of things, so the IRS is ramping up hiring and training now, and many of these new hires will fill jobs left vacant by employees who are expected to leave the agency within the next decade.
- Getting out of your comfort zone will require you to change how you do most of your business. Because if you enjoy what you do for a living, staying out of the IRS's crosshairs is where you want to be, and now is the time to act or face serious consequences.
“The IRS wants each of you to be compliant. So if we work with them, they're usually helpful to help you get out of a bad situation so that we can put more money back in your pocket." — Jeff Hockett
Connect with Jeff:
Website:https://www.hocketttax.com/
Email: jeff@hocketttax.com
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