IRS officials say taxpayers should expect better customer service for 2023 compared to previous years. The reason is to hire 5,000 agents, who will answer phone calls, and handle customer service.
The deadline for paying most taxes in the United States is April 18. But due to recent natural disasters, some California residents may have to wait until May 15 to file their tax returns.
The IRS received US$ 80 billion from the US Congress to expand its agency, hire new employees, and consequently increase, and qualify its service. Most of the investment will go towards expenses on service provided to taxpayers.
Increase in the number of audits
With the increase in the number of employees, it is possible that the number of tax audits will increase. For this to happen, it is also necessary to invest in technology and automation, so that the work is not restricted to manual labor.
The IRS still needs to sort out the backlog from previous years and train these agents, so the expected increase in audits would be mainly from 2024 onwards.
What is the role of IRS agents?
Revenue agents perform audits of tax returns. Its function is to inspect that taxpayers paid the correct amounts with the IRS. According to the result of an audit, a taxpayer can receive updated tax with fines and interest on overdue amounts.
Provisional Presidential Decree Changes Transfer Pricing Rules
Provisional Presidential Decree No. 1.152/2022 (“PM”), published on December 29, 2022, amends the Brazilian transfer pricing rules applicable to transactions controlled by related parties abroad, in an attempt to align Brazilian standards with those used by countries that are now members of the Organization in the Organization for Economic Co-operation and Development (“OECD”).
Digital Accounting Bookkeeping – ECD
Digital Accounting Bookkeeping, better known as ECD, is a transmission file created for tax purposes, in which all details of the entry of the ledger, trial balances, balance sheets and other financial statements of active companies in the country are displayed.
Written by Marcos Ferreira, Content Assistant to Drummond Advisors