The Treasury Inspector General’s Office is an independent agency that oversees the IRS. The TIGO recently issued a report that recommends that the IRS train more agents to audit high income taxpayers. What’s unclear is the definition of “high income”. Per recent tax legislation, High Income taxpayers were defined as those earning in excess of $400K. In the past the IRS targeted taxpayers earing $200K or more. Here is a link to their report: https://www.tigta.gov/sites/default/files/reports/2023-09/202330054fr.pdf
As a tax professional, I feel that this is a storm warning of what’s to come. Be sure that you document your income and deductions properly and hire a tax professional to prepare your taxes. Don’t be penny-wise and pound-foolish; your tax prep software can’t represent you in the case of an audit! We are accepting new clients and we’d be happy to discuss your needs. Please call us at 619-497-1040. Be well ~ Anthony Imbimbo, CPA