Episode Title: Billions Recovered: IRS Fights Tax Crimes, Introduces New Business Online Account Tools

Episode Date: December 12, 2024

Episode Summary:

In this episode, we explore the IRS’s latest strategic progress report, highlighting how they’ve recovered $4.7 billion through new compliance and enforcement initiatives. Tune in for updates on the agency’s intensified focus on criminal cases tied to drug trafficking, cybercrime, and terrorist financing—efforts that have identified billions in fraud, secured major criminal sentences, and leveraged whistleblower information. We’ll also break down the IRS’s ongoing digital modernization push, including new business online account features that simplify tax management, improve access to transcripts, and speed up critical financial transactions.

Key Takeaways:

• Massive Recoveries: The IRS has recovered $4.7 billion in total, including $1.3 billion from non-filers, $2.9 billion from criminal investigations into drug trafficking and terror financing, and $475 million thanks to whistleblower tips.
• High-Income Non-Filers: Renewed focus has collected $292 million from more than 28,000 high-income individuals who haven’t filed returns since at least 2017.
• Criminal Investigations: IRS Criminal Investigation (CI) played a key role in dismantling organized crime—from tracking drug trafficking proceeds to exposing terrorist financing.
• Whistleblower Contributions: Whistleblowers remain instrumental, earning $123.5 million in awards for aiding the IRS in capturing nearly half a billion dollars.
• Digital Modernization: The IRS expands its Business Tax Account with easier payment options, transcript availability, and multilingual support. These improvements are part of a broader “Digital First Initiative” aiming to give taxpayers a smooth, self-service online experience.
• Paperless & Streamlined Processes: From redesigned notices in plain language to mobile-adaptive forms and user-friendly digital tools, the IRS is reducing paperwork, cutting wait times, and providing faster service to both taxpayers and tax professionals.

Action Items:

• If you’re a business taxpayer, explore the updated Business Tax Account features to streamline tax management.
• Check out new digital services, transcripts, and mobile-friendly forms available on IRS.gov.
• Tax professionals should review expanded e-Services and transcript delivery options now accessible through the Tax Pro Account.

Resources & Links:

• IRS Business Tax Account
• Transcript Delivery System (TDS)
• Whistleblower Program Information
• Paperless Processing Initiative Details
• Filing and Payment Options

Disclaimer:

This podcast is for informational purposes only and does not constitute professional tax or legal advice. For personalized guidance, please consult a certified tax professional.

Hosted on Acast. See acast.com/privacy for more information.