Two recent reports from the Internal Revenue Service (IRS) and IRS Criminal Investigation (IRS CI) highlight likely enforcement priorities for 2023. Individual and corporate taxpayers should take these potential priorities into account when assessing their tax strategies and weighing their options for addressing any outstanding reporting or payment deficiencies.

The Internal Revenue Service (IRS) recently published a Tax Tip in which it encourages eligible taxpayers to consider an offer in compromise. As the IRS explains, this is an option for taxpayers who either “can't pay their full tax liabilities” or for whom “paying the entire balance owed would cause financial hardship.” But, while submitting an offer in compromise and settling with the IRS is one option for eligible taxpayers, it isn’t the only option that is available.

The deadline to file a Report of Foreign Bank and Financial Accounts (FBAR) for the 2021 tax year was October 15, 2022. Taxpayers who had qualifying offshore accounts in 2021 and failed to file an FBAR by October 15 are now delinquent. If you find yourself in this situation, here is what you need to know:

Under the federal Paycheck Protection Program (PPP), businesses that received loans and used the proceeds for eligible business purposes qualified for complete loan forgiveness. Qualifying businesses could self-certify, and most participating lenders would grant forgiveness without much more than a cursory review.

Recently, the Internal Revenue Service (IRS) published a Tax Tip titled, Got a letter or notice from the IRS? Here are the next steps. In the Tax Tip, the IRS discusses seven steps to take after receiving correspondence from a revenue agent in the mail.