IRS audits and raising more tax revenues is very likely!!

I expected that the IRS will definitely get more dollars to increase tax revenues from all of us!!  The ROI (return on investment) is high!  For every $1 spent on increasing IRS correspondence audits, the pay off is around $5 in additional tax raised!!  President Obama wants to boost IRS budget by $950 million [FS-2012-10]:  Obama’s fiscal year 2013 budget proposal for IRS totals $12.8 billion, approximately $950 million above the level enacted for the current year. “A significant portion of the increase from FY 2012 represents the administration’s request to restore lost revenue resulting from reductions in IRS funding made over the past two years,” the agency said. According to budget documents, the proposal would ensure “robust IRS tax enforcement and compliance initiatives that can return $5 for each dollar spent.” The proposal includes $403 million for new enforcement activities. Approximately $200 million would be used to bolster examination and collection programs. IRS identified specific areas where proposed funding would strengthen enforcement efforts, including: improving international compliance by individual and business taxpayers; expanding efforts to spot fraud and prevent the issuance of questionable refunds; implementing tax law changes that make available the use of new information reporting requirements; and enhancing the oversight of complex financial transactions, including transfer pricing and uncertain tax positions. The proposal would continue significant investment in the agency’s Business Systems Modernization program to the tune of $330 million. The Treasury Inspector General for Tax Administration would receive $154 million in funding, with $60 million dedicated to audits and $93 million devoted to investigations. The IRS Oversight Board would receive $13.8 million.  jeff@jbrookswa.com

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About Jeffrey Brooks

Jeffrey Brooks, CPA, CFP, MBA since 1976 has specialized in helping clients save significant taxes, help businesses increase their cash flow, revenues and profits while increasing their control and satisfaction. Jeff and his accounting firm sincerely cares about the happiness of his clients.

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JBrooks Wealth Advisors, PC.

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Address: 4647 N 32nd Street, Suite B245
Phoenix, Arizona 85018
Phone: 602-292-2009
Email: jeff@jbrookswa.com