Earlier this month the President issued his proposed budget for fiscal year 2016. It includes a massive near 20 percent hike in the IRS' budget, with these funds largely meant to help close the $385 billion annual tax gap.

Just a reminder, the tax gap is the difference between what the federal government is owed from taxpayers such as your organization, and what it takes in. The IRS has singled out underreporting of income amongst businesses and corporations as among the primary reason for this gap. According to the IRS "More than a third of the growth in the underreporting gap was attributable to corporate income taxes" with underreported business income being a prime factor in creating the gap. In an effort to close this gap the IRS has recently begun several initiatives. Thus, it behooves you to stay abreast of IRS initiatives and know who it is the IRS is targeting with greater frequency. Most important for our readers are those initiatives targeting:

Business taxes - more regular and targeted audits of companies of mid and large sized companies.

Offshore tax avoidance - with a renewed focus on large and mid-sized businesses and non-resident alien reporting compliance.

That means your Accounts Payable department needs to file accurately this season and prepare for a busy compliance season to follow. Moreover, you must do so with far less assistance than you could expect to receive in past tax years. As we reported last month the IRS will no longer be providing guidance on meeting information reporting filing, compliance, and due diligence requirements under the law.

Luckily we can help. We put tax attorneys at your fingertips, standing ready to answer any of your Form 1099/1042-S and State Reporting related questions. As a subscriber to the TIR Answer Center you will have access to a unique, highly individualized service featuring veteran tax attorneys who provide organizations just like yours with convenient and affordable answers to the Form 1099 questions they have, and in two business days or less.

No other service is currently available that employs actual on-call tax attorneys to accurately & timely answer your compliance questions! What's more, you can ask as many questions as you want to, whenever you want. No more lost time hunting for the tax compliance answers you need - we provide the answers for you!