The Evidence Is Now Out There. Congressman Hints at Additional Taxes to Reduce Deficit
It is expected that the IRS will be more thorough in reviewing tax returns this year. It’s been rumored that tax increases will be necessary to reduce the budget deficit, but now Washington leaders are coming out and saying it.Rep. Steny Hoyer(D-MD) said at the first of this month that increasing taxes to reduce the budget may be, “the only solution.” Hoyer also said a balanced approach is needed that “raises some revenue.”
As a result, American taxpayers will be expected to fork out more of what they earn, both during the years of the current recession and when it comes to filing their annual returns for years to come.
The Internal Revenue Service (IRS) will be even more aggressive in checking to make sure the United States Government gets every penny owed to it. The increased diligence that the IRS will employ in reviewing returns means that taxpayers will have to assure they are knowledgeable about the money that may be owed to the government.
That’s why consulting with a IRS tax attorney is important when preparing returns and in the event that taxpayers are audited to avoid costly IRS tax problems.
April 20, 2010 by Mary E King Florida Tax Attorney
