The Internal Revenue Service is hiring 87,000 new agents, but taxpayers will not feel the pain for another two to three years.
That’s how long it will take the agency to hire and train agents. Few have discussed the extent of this pain. Still, it’s something to think about when you consider the majority of coming audits will be conducted by new agents, many of whom will have been hastily hired and operating with minimal supervision.Playing the audit lottery will not be smart in future tax years.
Taxpayers should protect themselves now, especially when profiting from statutory gray areas — such as cryptocurrency staking, investing through decentralized autonomous organizations (DAOs) and other decentralized finance (DeFi) products.When I started my career in the mid-2000s, business audits were standard, and the new agents were always the worst with which to deal.
You had to explain everything in detail to them like little children, and they still would write up non-factual summaries or incorrect legal opinions.Read more on cointelegraph.com