Episode 9: 87,000 New IRS Agents – Are you Prepared?!?

In this episode, Eric & Melissa tackle the hot topic of the IRS’s announcement of close to 90,000 new IRS agents.

The TRUTH. The IRS is hiring 87,000 new agents – it’s a fact.

More TRUTH. As with any organization, hiring takes time. When hiring an abundance of people, not all of them are going to pass the requirements such as background checks and educational requirements.

Breaking it down by the numbers. Looking at the numbers;

25% of the new agents will be administrative support staff.
5% will be management positions.
70% will become support and auxiliary staff.

Half of the new employees are going to be actual agents. These are people who have the education in the field and or the experience for the position. Only about 35% will become a true agents in a few years operating on their own.

IMPORTANT. The DO’s. If you get a notice from the IRS do not ignore it! Acknowledge the letter, open it, and verify it is real. To verify, contact your tax professional, the team at Busy Bee Advisors or contact the IRS directly to confirm the legitimacy of the notice you received.

IMPORTANT. The DONT’s. Do not call the number on the letter, go directly to the IRS website site and use the accredited number. Once you determine that the notice is legitimate, contact your tax professional immediately

In the Event of an AUDIT. If you get audited do not be scared. Just be sure you have your business’s financial records in good order. Your tax professional will be able to assist.

Keep in mind: You only need to keep tax records 3 years from your last filing date. Be sure you are disposing of your old records because you don’t want to keep that sensitive info laying around.