Charles Rettig

Federal investigators are uncovering billions of dollars in fraud tied to pandemic relief programs.

Commissioner Rettig is promising not to use the nearly $80 billion his agency will be receiving to increase audits of small businesses or taxpayers who earn less than $400,000.

The service is gearing up for a potentially massive tax-enforcement push if Congress passes a plan including $40 billion to expand audits on the wealthy.

The disclosure of the personal income and tax data of some of the wealthiest Americans has been referred to additional federal investigators.

Prosecutors say Carlos Kepke conspired with Smith from 1999 to 2014, and aided and assisted in the preparation of materially false tax returns.

Commissioner Charles Rettig left open the possibility that there may be delays.

The service offered information on how to elect to apply an overpayment on 2020 taxes against Q1 2021 estimated taxes, which are still due on April 15.

The agency’s commissioner is upbeat, but tax preparers and financial planners worry that this year could be especially chaotic due to the COVID pandemic.

This may be the final chance for eligible clients to submit for the additional economic impact payments under the CARES Act this year.

The IRS is giving taxpayers who want to receive their payments by direct deposit a tight deadline.

The agency recently estimated a gap of $381 billion in unpaid tax from 2011-‘13, which equates to roughly 14.2% never being submitted.

Clients are advised to consider delaying their Social Security benefits, as up to 85% will be subject to income taxes, an expert says.

The agency processed more of every major type of form during FY 2018 than during the prior year, with the exception of estate tax returns.