The Internal Revenue Service (I.R.S.) issued a press release on September 8, 2023, detailing how the agency plans to use at least part of the $80 million dollar allocation it received from the Inflation Reduction Act last year. I.R.S. Commissioner Danny Werfel plans to use the funds to make compliance enforcement efforts and tax evasion identification more effective and efficient. How does he plan to do this? The overwhelmed and perhaps overworked agency will be using artificial intelligence (AI) programs and features to expedite and assist with redundant processes as well as to audit parties that are too complicated or large for the I.R.S.’s current capabilities.
Greg Grabinski Executive Editor Loyola University Chicago School of Law, JD 2016 One of the best sources for designing a compliance program’s annual audit plan is to look around to see what is happening at peer institutions. If there is a regulatory settlement in a peer organization’s similar business line, then the subject-matter should …