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IRS will be closely monitoring tax returns

December 11, 2008 by  

Be careful when filling out your tax returns this yearWhen you are filling out your 2008 taxes, you may want to take extra care to make sure everything is accurate – because the IRS has said it will be scrutinizing returns even more carefully than in years past.

The reason behind the crackdown is the anticipated $408 billion federal budget deficit that the country will face in early 2009.

IRS commissioner Doug Shulman recently spoke to tax lawyers in Washington, warning that the service will be looking at deductions and withholdings, as well as remaining "vigilant to ensure that wealthy individuals don’t use offshore accounts to avoid paying their U.S. taxes," according to Blomberg.

"Because of a huge deficit and major enforcement initiatives by the IRS, an inaccurate return will have a better chance of being picked up than in prior years," lawyer Ian Comisky told the news provider.

This year, the IRS may expect to face challenges increasing the amount of tax it collects, due to the large number of workers who have lost their jobs.

In addition, tax brackets have been increased so that people will be able to claim higher exemptions and standard deductions.
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