The Internal Revenue Service (IRS) recently released its Financial Report for the 2024 fiscal year. The 2024 Financial Report highlights the agency’s enforcement efforts over the past year and, in doing so, provides insight into its enforcement priorities heading into 2025. As Boston tax lawyer Kevin E. Thorn, Managing Partner of Thorn Law Group, explains, understanding the IRS’ enforcement priorities can help taxpayers address potential concerns before they trigger federal scrutiny—though taxpayers must be careful not to focus on these priorities exclusively.

The Internal Revenue Service (IRS) recently announced the launch of a new enforcement initiative specifically targeting partnerships and other pass-through entities. As the agency explains in an October 22, 2024 News Release, it has created a new pass-through field operations unit that is “specifically devoted to ensuring compliance of pass-throughs of every size and form—including partnerships, S-corporations and trusts—reflect[ing] the IRS’ broader efforts to focus more attention and resources on an area that has historically been under-scrutinized.” Learn more from Boston tax attorney Kevin E. Thorn, Managing Partner of Thorn Law Group.