Earlier this month (January 8, 2025), the National Taxpayer Advocate (Erin Collins) issued her annual report to Congress on the IRS' performance in key metrics like tax support. Unfortunately, there was not much good news.

If you are doing your utmost to be 1099 compliant and working to dial in your 1099 reporting for the New Year, then you should be busy right now. This extended 1099 Year-End filing prep process is the key time of the year when you should be validating your vendors and the payments made to them during 2024. The idea is to make it so that filing season goes as smoothly as possible. It is imperative that you do so if for no other reason than the IRS continues to be laser-focused on making sure 1099 reporters are doing their jobs right.

Late in June the Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) released its recommendations to Congress and the IRS regarding improving the IRS and how it handles filing matters. These recommendations are often followed, if not in the current year than in those that follow. Thus, it behooves those of you in Accounts Payable/Tax or as an independent CPA to stay on top of what the trends portended by guidance such as those issued by ETAAC. 

Today (June 26, 2024), the National Taxpayer Advocate (Erin Collins) issued her mid-year report to Congress on the IRS' performance in key metrics like tax support. Unfortunately, there was not much good news.

On May 2nd the IRS released their new strategic operating plan that, among other things, announces their enforcement priorities for the upcoming year. Based on this IRS guidance, it's fair to say that if you are in Accounts Payable or Tax at a medium-large sized institution then you will want to be extra careful in 2024.