CFO2111. IRS Updates: Noteworthy IRS Procedural Guidance, Operating Status and Enforcement Activities

During the session we will discuss the updates on the IRS operating status, including the delays that IRS is experiencing with processing taxpayers tax returns, issuing tax refunds, including those that were submitted as tentative refund claims, as well as responding to other taxpayer’s requests. We will briefly touch upon the taxpayer’s advocate report to Congress that identified 10 most serious problems that the taxpayers encountered in their dealings with the IRS. We will discuss how IRS budget impacts IRS enforcement activity and IRS enforcement initiatives for the fiscal 2021 tax year.

Learning Objectives:

• Assess implications for the IRS’s operating status issues on business
• Analyze the IRS budget for Fiscal Year 2021 and how it impacts the IRS’s enforcement activities
• Recognize IRS enforcement activities, campaigns and various initiatives (examination of high net worth individuals, withholding tax liability, BBA partnership examinations)
• Identify the 10 Most serious problems the taxpayers encountered in their dealings with the IRS as reported by Taxpayer Advocate to Congress