The IRS will Give More Penalties to Taxpayers in 2024
2021 was a stressful and challenging year for many Americans. In April, unemployment hit almost 15%, and between March to June, nearly 50 million Americans filed for unemployment benefits.
However, several projections point to economic recovery in 2024. Authorities are forecasting that businesses and public places will reopen, curbing joblessness.
By almost every metric, economic recovery will be beneficial for millions of Americans. Nevertheless, a return to normalcy will also mean an increase in IRS penalties – will you be targeted?
A Look Inside the IRS
Not only did businesses temporarily close down, so too did the IRS – putting them far behind schedule.
After reopening, IRS employees discovered a backlog of almost 11 million pieces of unanswered letters and mail. To make matters worse, the IRS was then required to send out millions of stimulus checks.
The IRS is not working at full capacity, but they are hopeful that operations will return to normal. When that time comes, the IRS will resume collection efforts.
Who Will Be Vulnerable to IRS Collections in 2024?
The best way to know if you’re going to be targeted by the IRS is if you owe back taxes, didn’t file past tax returns or misrepresented yourself in past tax returns.
Should that be the case, you may be susceptible to IRS collection letters and penalties such as wage garnishments. Likewise, in the absence of nation-wide distress, it will be significantly harder to negotiate with the IRS.
Even if you haven’t received an IRS letter yet, know that one is imminent. Don’t wait till next year! Take our brief Tax Relief Survey now to see if you are eligible for a possible reduction before 2024 is over.
See if you qualify for the Fresh Start Program today!
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- Answer a few questions about your finances
- Qualify and be presented with a resolution
- Enroll in Fresh Start
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