STOP PAYING TAX | New URGENT IRS Rule In 2022
Published: 2022-08-24
Status:
Available
|
Analyzed
Published: 2022-08-24
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A significant portion of the IRS's new funding will be allocated to hiring enforcement agents to track cryptocurrency taxes.
"46 billion dollars is going to be spent hiring more enforcement agents and keeping track of cryptocurrency taxes"
Pending
The IRS will receive $80 billion to boost audit rates and enforcement, aiming to collect an additional $200 billion over 10 years.
"the IRS is about to receive an 80 billion dollar injection of funds to increase audit rates strength and enforcement and collect an estimated 200 billion dollars more from taxpayers over these next 10 years"
Pending
Individuals earning under $25,000 are five times more likely to be audited than others, and those earning over $100,000 have double the audit risk.
"if you make under 25 000 a year you're five times more likely to face the IRS than anybody else and if you make over a hundred thousand dollars a year well congratulations your chance of an audit just doubled"
Pending
The IRS is currently underfunded with insufficient agents and outdated technology, leading to limited resources for tax enforcement.
"the IRS is broke budget cuts a lack of Agents old technology and a high volume of tax returns means that the IRS has fewer resources to go after tax cheats and enforce payments"
Pending
Due to staffing shortages, only 3% of IRS calls are answered, and 17 million people are awaiting tax refunds.
"the reality is the IRS has so few staff that only three percent of their calls are answered and 17 million people are still without their tax refund"
Pending
The Inflation Relief Act will provide $80 billion to the IRS specifically for the purpose of increasing revenue collection.
"now with the introduction of the inflation Relief act 80 billion dollars will be funneled back into the IRS for the sole purpose of being able to collect more money"
Pending
The IRS can audit tax returns up to three years back, and in cases of substantial error, they can extend this to six years.
"most people don't know that the IRS is able to go back three years in the event that they want to audit a tax return and if they identify a substantial error they could go back even further sometimes up to six years"
Pending
Increased IRS funding is expected to return audit rates to 2010 levels, with higher-income taxpayers experiencing the most significant rise in audits.
"return audit rates to the levels of about 10 years ago the rate would rise for all taxpayers but higher income taxpayers would face the largest increase"
Pending
Over 50% of IRS staff are eligible for retirement within five years, and new funding will prioritize replacing them and improving customer service.
"over half the IRS staff is eligible for retirement in the next five years and that much of the funding for new employees will be focused on mitigating that attrition and adding customer service"
Pending
$200 billion in tax revenue remains uncollected annually due to non-compliance and the IRS's limited capacity to audit wealthy individuals.
"roughly 200 billion dollars is uncollected due to non-compliance and the inability to audit wealthy tax returns"
Pending
The complexity of the tax code favors wealthy individuals who can afford professional assistance, making it difficult for others to navigate.
"the tax code is written so confusingly that only people with money could afford to pay the lawyers and tax professionals to navigate the system as it was designed"
Pending
The IRS is criticized for using outdated technology, even resorting to fax requests, indicating a need for modernization.
"on top of that they're using outdated technology instead of using the best of the best and resorting to asking me to send a fax like it's 1997."
Pending
Before increasing tax enforcement, the IRS needs to update its technology and improve customer service staffing.
"first and foremost technology needs to be updated more staff needs to be present for customer service and once that's optimized then sure tax away but we're not there yet"
Pending
There is a hope for a future simplification of the tax system to improve clarity for taxpayers.
"we can only hope that one day the tax system is made much more simpler so that people know exactly what they're paying"
Pending