With Republicans and Democrats in a stalemate regarding potential income tax increases, the Biden administration has put forth a different proposal: Rather than asking law-abiding taxpayers to pay more, the IRS should do more to make non-law-abiding taxpayers pay what they owe. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, this could lead to a significant increase in the number of IRS audits over the next 10 years.

The Internal Revenue Service’s Criminal Investigation Division (IRS CI) has been extremely active in 2021. In March alone, IRS CI issued well over 100 press releases announcing new investigations. As Washington D.C. tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, IRS CI’s recent investigations provide some important insights into the division’s enforcement priorities for 2021.

If you invest in cryptocurrency, you could face scrutiny from the IRS in 2021. The IRS has made clear that it is paying attention to cryptocurrency investors, and that it will be vigorously enforcing investors’ reporting and payment obligations in the year to come.