IRSNonprofitSmall BusinessTaxes

2020 IRS Report on its Operations

IRS just released the 195 page “General Report of the 2020 Internal Revenue Service Advisory Council“. I read the applicable sections on small business and nonprofits that affects me and my clients. The key relevant concepts are:
1) IRS currently lacks the funding to operate effectively to collect the taxes necessary to run federal government. That is perceived as a deliberate action by the current executive administration to cripple the agency.
2) Slower response times for small business services is a significant problem. Solutions are proposed.
3) The “Gig Economy Tax Center” faces rapid unmet increased in demand for services.
4) Nonprofit Form 990 filings need to be tightened. “Tax professionals who work with cooperative organizations increasingly find themselves interpreting the Form 990 instructions in an effort to accurately report”. Too true!