Audit

The Internal Revenue Service doesn't collect data on taxpayers' race or ethnicity, but some of its methods could lead to disparities in its audit rate.

The agency will begin three to four dozen new audits this spring to see if inappropriate deductions were made.

Businesses are likely to see more sales tax audits in 2024 as a result of changes happening across the states, according to a new report.

The service reported on its increased enforcement efforts on Friday, including collecting over half a billion dollars from millionaires who didn't pay their taxes.

The new positions, which will be in more than 250 locations, will help ramp up compliance efforts against high-income earners, partnerships, large corporations, and promoters.

The service will need to tread carefully with how it uses artificial intelligence amid growing questions about the reliability of the technology.

The IRS's $80 billion in new funding means more scrutiny of higher earners.

Many advisors have clients who took out the forgivable loans. Some wealth management firms did the same. Three years after the government doled out more than $800 billion in mostly-free cash, here's what's happening.

Avoiding common mistakes when filing returns for wealthy clients and exploring Roth IRA conversions are among the key considerations for advisors and accountants this tax season.

Affluent investors typically have more complicated financial lives and more ways to get things wrong when filing federal tax returns in 2023.

IRS algorithms in determining tax returns to audit, enforcement policy and resource constraints result in significant racial disparity in returns chosen for a tax audit.

The Internal Revenue Service audited fewer taxpayers last year, according to a new report, although audits of millionaires ticked up slightly.

Michael Burry, the investor who foresaw the housing market crash in 2008, is skeptical about today's proof-of-reserve audits.

The agency aims to hire scores of auditors, but there's a nationwide shortage of accountants.

A financial planner can complement the CPA through the stressful process by taking on a number of supporting — yet crucial — roles.

Taxpayers are concerned the extra $80 billion will lead to more tax audits.

The Securities and Exchange Commission charged several investment advisors with combined penalties of $1 million for violating the Investment Advisors Act's Custody Rule.

There were signs of improvement in terms of audit engagements and quality control systems.

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 agency is continuing its focus on firms that have never been examined, including recently formed ones.