March 23, 2015 23:00:00
By Winstone Group Inc. | Attorney Salazar, Alberto
If you are delinquent with the US Tax Returns and FBARs, now is the best time to get back into the system.
IRS Commissioner John A Koskinen is "deeply concerned that significant reductions in the IRS budget will degrade the agency's ability to continue to deliver on its mission during filing season and beyond." Our Congress has continued with substantial cuts to the IRS despite the significant amount of extra work to get ready for the tax changes relating to the Affordable Care Act (ACA) and the Foreign Account Tax Compliance Act (FATCA).
It couldn't be a better time to get back into compliance with the IRS system. The IRS is now at its lowest level of funding since 1998.
It is not possible to shift service jobs to cover enforcement personnel without providing them with substantial training, which of course is resource-intensive. The IRS doesn't have the budget. The IRS has cut more than 1,800 enforcement personnel. This results in significantly lower audits and resources focused on collection.
Now is the time to get back into the system.