Accounting Today: Democrat bills would help the IRS go after wealthy, corporations (February 18, 2021)

Accounting Today has published an article, titled “Democrat bills would help the IRS go after wealthy, corporations” which discusses two new tax bills that plan to increase tax audits. The article begins as follows:

Rep. Peter DeFazio, D-Oregon, reintroduced the IRS Enhancement and Tax Gap Reduction Act on Thursday. It would mandate minimum audit levels for high-income individuals along with high gross-income corporations. The bill aims to significantly increase IRS funding levels over the next decade to ensure it has the funding it needs to ramp up enforcement, hire and retain additional staff, modernize its dated technology to collect more reporting information, and increase taxpayer support.

Rep. Ro Khanna, D-California, introduced a separate bill Wednesday, the Stop Corporations and Higher Earners from Avoiding Taxes and Enforce Rules Strictly (CHEATERS) Act, to ramp up tax enforcement on ultra-wealthy individuals and corporations and contribute more funding to the IRS. Under Khanna’s bill, individuals with business income, or who own S corporations or partnerships, and who have total income in the top 3 percent of taxpayers would receive a new Form 1099 to prepare a more accurate tax return and ensure their business income isn’t hidden from the IRS.

To see the full article, click here: “Democrat bills would help the IRS go after wealthy, corporations.”

Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.

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