EPISODE 3. Reviewing IRS’s 2023 Audit Plan highlights. Roger McEowen’s Farm & Ranch Estate Planning Discussion. Inflation Reduction Act added new Energy Credit tax credits. Artwork

Taxcast With Chelsea

Welcome to Taxcast with Chelsea: My background ranges from corporate finance, small business accounting roles, and now serving clients in a tax advisory role. While I enjoy researching and resolving tax issues for clients, I understand not everyone has the same tax resources and the information online can be overwhelming. My goal is to provide tax understanding to the everyday taxpayer. Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice. https://www.irs.gov/pub/irs-pdf/pcir230.pdf

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Taxcast With Chelsea

EPISODE 3. Reviewing IRS’s 2023 Audit Plan highlights. Roger McEowen’s Farm & Ranch Estate Planning Discussion. Inflation Reduction Act added new Energy Credit tax credits.

November 27, 2022 • Chelsea Harper, CMA, EA, MBA • Season 2022 • Episode 3

This week I’ve highlighted IRS's audit plans, estate planning discussion from my favorite tax expert, and new energy tax credits coming from Congress.

The IRS announced its 2023 AUDIT plan on October 24th and I will review a few of their compliance and enforcement section goals (1:02). Also, Roger McEowen discusses basic farm and ranch estate planning for 2022 and 2023 (10:27). His discussion actually is broadly relevant to anyone who just owns the property and wants to understand more about this process. Lastly, the Inflation Reduction Act just added NEW tax credits for energy-efficient purchases for both home and vehicle (22:43). Let’s highlight the tax credits and what will be to taxpayers available starting in 2022

Links

· https://www.tigta.gov/sites/default/files/reports/2022-10/auditplansfy2023.pdf

· https://www.irs.gov/statistics/irs-the-tax-gap

· https://www.tigta.gov/reports/audit/reliance-self-certifications-resulted-federal-agencies-awarding-contracts-and-grants

· https://www.irs.gov/about-irs/how-the-irs-prioritizes-compliance-work-on-high-income-non-filers-through-national-and-international-efforts

· https://www.irs.gov/statistics/soi-tax-stats-individual-high-income-tax-returns#_pt1

· https://www.irs.gov/newsroom/irs-update-on-audits

· https://lawprofessors.typepad.com/agriculturallaw/2022/09/farm-and-ranch-estate-planning-in-2022-and-2023.html

· https://media.ford.com/content/fordmedia/fna/us/en/news/2022/08/09/ford-f-150-lightning-standard-range-increased.html

· https://www.dailywire.com/news/pete-buttigieg-tells-americans-how-they-can-channel-their-pain-at-the-pump

Connect with Chelsea:
Email: taxcastwithchelsea@proton.me
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**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf