News & Analysis as of

Tax Liability Artificial Intelligence Internal Revenue Service

Foodman CPAs & Advisors

IRS Use of AI Can Close Tax GAP

On 10/12/23, the IRS announced new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a rise of more than $192 billion from the prior estimates for...more

Latham & Watkins LLP

IRS Launches New Large Partnership Audits, Relying on AI and Increased Funding

Latham & Watkins LLP on

The IRS is making good on its promise to step up enforcement on large partnerships that issue more than 100 annual K-1s and have more than $100 million in assets. As noted in this Latham Client Alert, the IRS’s renewed focus...more

Latham & Watkins LLP

New IRS Unit Leverages AI to Step Up Partnership Audits; Hundreds of New Inquiries Expected

Latham & Watkins LLP on

The IRS’s simmering concern with pass-through entities is heating up, with IRA funds earmarked for increased personnel, AI, and other resources for partnership audits. ...more

Foodman CPAs & Advisors

La Brecha Fiscal Aumentó A $688 Mil Millones En El Año Fiscal 2021

El 12/10/23 se anunciaron nuevas proyecciones de la brecha fiscal para los años fiscales 2020 y 2021 que muestran que la brecha fiscal bruta proyectada aumentó a $688 mil millones en el año fiscal 2021, un aumento de más de...more

Foodman CPAs & Advisors

The Tax Gap Increased To $688 Billion In Tax Year 2021

On 10/12/23 announced new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a rise of more than $192 billion from the prior estimates for tax years...more

Cadwalader, Wickersham & Taft LLP

Android Agents Dreaming of Tax Returns

The IRS is using artificial intelligence to assist it in selecting 75 large partnerships for examination.  This is the result of collaboration between experts in data science and tax enforcement....more

Rivkin Radler LLP

Self-Employment Tax and the Limited Partner – Substance Over Form, or Something Else?

Rivkin Radler LLP on

Last week, the IRS announced “the start of a sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations and promoters abusing the...more

7 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide