Dr. Friday highlights areas the IRS tends to prioritize for enforcement, including higher-income taxpayers and complex pass-through entities. She also notes increased attention on digital assets and offshore holdings, and stresses good documentation.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
The IRS enforcement priorities for 2021: the IRS expanding enforcement in several key areas. Higher income taxpayers, not a surprise, they always like them.
Large pass-through entities, that would be like 1065s, 1120-S’s, complex partnerships facing heightened scrutiny. Again, 1065s usually are one of the areas that they like to audit, prioritizing audits related to digital assets and offshore holdings.
This is all those kind of things. You want to make sure you have good documentation. You’re not in trouble if you’re doing these things. All you need to do is make sure you document right. You need help with taxes? 615-367-0819.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.