Sports Nation Accounting Professionals

12/24/2025

01/16/2025

I’m excited to be a part of the Sports Moms Conference in Dallas on February 1st speaking about NIL and Sports Accounting.

Can We Talk Sports

See you there! 🏈 💰

11/12/2024

At Sports Nation Accounting Professionals we understand the unique and varied needs of professional athletes.

Let us help you keep what your agent helps you get! 💰

09/12/2024

Yellen, IRS trumpet crackdown on wealthy tax cheats
By Jeff Stimpson
September 06, 2024, 5:49 p.m. EDT ~ 1 Min Read

In the first half year of Inflation Reduction Act-funded enforcement, the Internal Revenue Service has recovered over $1.3 billion, including $172 million from 21,000 wealthy taxpayers who hadn't filed returns since 2017.

In February, the IRS began pursuing 125,000 high-income taxpayers who have not filed taxes in seven years. The agency used such third-party information as W-2s and 1099s to find people who'd received $400,000 or more but failed to file a tax return.

After collecting $38 million from more than 175 high-income, high-wealth individuals last year, the IRS expanded this effort to around 1,600 additional high-income, high-wealth individuals. Nearly 80% of these millionaires have now made a payment, leading to more than $1.1 billion recovered, $100 million since July, the IRS said.

Due to a previous lack of funding, "this hadn't been happening," said Secretary of the Treasury Janet Yellen, speaking at the IRS campus in Austin, Texas on Friday. "Between 2010 and 2018, the audit rate for millionaires fell by 80%. And during the previous administration, as audit rates on high-income taxpayers fell, the share of audits on taxpayers with incomes under $200,000 increased. In 2019, the top 1% of Americans was estimated to owe over one-fifth of unpaid taxes."

The IRS has also launched audits of 76 of the largest partnerships, from hedge funds to law firms, with average assets of $10 billion; is working to close a tax loophole exploited by complex partnerships; has cracked down on the abuse of corporate jets for personal travel; and is launching audits of the 60 largest corporate taxpayers, with average assets of $24 billion, Yellen said.

"It's not right that everyday Americans pay taxes while struggling to make ends meet, but some of the wealthiest in this country have been able to evade payment," she added.

IRS funding — so far earmarked for enforcement and improvements to technology and taxpayer service, among other areas — faces a potential crossroads with the November elections. Democrats view the IRS's IRA funding as separate from the agency's annual appropriations; Republicans have attempted to cut the agency's funding by reducing both IRA funding and IRS appropriations.

"We continue to face challenges from those in Congress who want to cut the funding that's enabling [this enforcement]. This would be disastrous," Yellen said.

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08/28/2024

Just got some exciting news today. Can't share it yet. But when I can. I will.


😎

06/27/2024

THIS IS A GREAT READ. ESPECIALLY SINCE THE NEW LIMIT IS LOWER THAN MOST ROOKIE MINIMUMS

IRS lowered its sights on high-income taxpayer audits
By Michael Cohn June 24, 2024

The Internal Revenue Service switched over from focusing its audits on taxpayers earning $10 million or more to those earning $400,000 or more after passage of the Inflation Reduction Act, according to a new report.

The report, released Monday by the Treasury Inspector General for Tax Administration, noted that in 2020, then-Treasury Secretary Steven Mnuchin directed the IRS to audit a minimum of 8% of individual tax returns filed each year with incomes of $10 million or more. The IRS was supposed to meet that goal starting with 2016 tax returns, but for legal and staffing reasons it began instead with 2018 tax returns. The IRS complied with that directive for three years, but then the agency stopped because officials said the examinations were unproductive due to a high no-change rate. Instead, they shifted their focus to examinations of individuals with incomes of $400,000 or more. More recently, the IRS updated its strategic operating plan for the Inflation Reduction Act of 2022 to focus its audits more on large partnerships and corporations as well as high-income taxpayers.

In February 2020, Mnuchin directed the IRS to audit at least 8% of all high-income individual returns filed each year. In March of that year, IRS Commissioner Chuck Rettig responded that accomplishing the goal would require significant costs but he agreed to comply, specifying a total positive income level of $10 million or more to select returns. In August 2022, Congress enacted the Inflation Reduction Act, which in part aimed to fund the IRS so it could examine more high-income taxpayers. In an August 2022 directive to the IRS, Treasury Secretary Janet Yellen said no Inflation Reduction Act funding should be used to increase the audit rate of taxpayers with incomes below $400,000. That effectively lowered the threshold.

TIGTA found the IRS complied with the 2020 Treasury Directive for three tax years but stopped monitoring it at the end of fiscal year 2023. An IRS executive told TIGTA in December 2022 that the 2020 Treasury Directive would no longer be followed because the audits were unproductive and had high no-change rates. The IRS said it was embarking on a different approach, focusing on complying with the 2022 Treasury Directive.

In February 2023, IRS executives informed TIGTA that the IRS would continue to audit high-income individual returns with total positive income of $10 million or more but would not aim to achieve the 8% audit rate in the future. IRS executives said at that time that they considered the 2020 Treasury Directive obsolete. The executives explained that the IRS's new focus would be on compliance with the 2022 Treasury Directive to expand examinations of individuals with incomes of $400,000 or more. In November 2023, the SB/SE Division informed TIGTA that it would no longer generate the agency-wide Audit Rate $10M Monitoring Report and that the last report prepared was through the end of fiscal year 2023. Therefore, the IRS no longer monitors whether it has met or needs to put in process additional examinations to meet the 8% audit rate goal established by the 2020 Treasury Directive for high-income individuals with total positive income of $10 million or more.

TIGTA found that many of the examined returns under the 2020 Treasury Directive were productive, but that depended on which function in the IRS conducted the examinations and which case selection methods were used. The Small Business/Self Employed Division's closed examinations of individual taxpayer returns with income of $10 million or more, in tax years 2016 through 2021, were generally more productive than income ranges below $10 million. Those higher income ranges yielded four times more dollars assessed per return and twice as many dollars assessed per hour when compared to examinations of returns with income of $400,000 to under $10 million.

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02/23/2024

We had an awesome day at University of Florida talking to the football players about taxes.

Thank you for the invitation and we look forward to connecting with the Florida Gators Football players and staff again soon! 🏈

02/20/2024

Out searching for the next big star.....

02/20/2024

Sometimes you need to find the stars early

11/03/2023

Attending another fantastic event hosted by Florida Victorious