{"id":16284,"date":"2023-12-14T10:54:37","date_gmt":"2023-12-14T16:54:37","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=16284"},"modified":"2023-12-14T10:54:37","modified_gmt":"2023-12-14T16:54:37","slug":"what-you-need-to-know-about-the-inflation-reduction-act","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/what-you-need-to-know-about-the-inflation-reduction-act","title":{"rendered":"What You Need To Know About The Inflation Reduction Act"},"content":{"rendered":"<p><b>As the IRS intensifies its efforts for tax fairness, high-net-worth individuals and large partnerships find themselves under the microscope like never before.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The IRS\u2019s enhanced focus on auditing these groups means that every aspect of their financial lives, from income sources to investment portfolios and tax shelters, will face greater scrutiny. Here\u2019s what you should know about this heightened level of oversight and how to prepare for it.<\/span><\/p>\n<h3><b>The Inflation Reduction Act<\/b><\/h3>\n<p><a href=\"https:\/\/www.irs.gov\/inflation-reduction-act-of-2022\"><span style=\"font-weight: 400;\">The Inflation Reduction Act<\/span><\/a><span style=\"font-weight: 400;\"> is a legislative initiative to address inflation\u2019s economic effects. This Act encompasses a range of measures that strategically adjust monetary and fiscal policies to foster economic stability. Introduced in 2022 by the<\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/08\/16\/fact-sheet-one-year-in-president-bidens-inflation-reduction-act-is-driving-historic-climate-action-and-investing-in-america-to-create-good-paying-jobs-and-reduce-costs\/\"><span style=\"font-weight: 400;\"> Biden Administration,<\/span><\/a><span style=\"font-weight: 400;\"> this Act is a proactive step toward addressing inflation. Let\u2019s dive into what some of the IRS updates mean for you in 2024.<\/span><\/p>\n<h3><b>Increased Tax Security<img fetchpriority=\"high\" decoding=\"async\" class=\"alignright wp-image-16288\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-28-200x300.png\" alt=\"Tax\" width=\"252\" height=\"379\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-28-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-28-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-28-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-28.png 800w\" sizes=\"(max-width: 252px) 100vw, 252px\" \/><\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A key aspect of the Inflation Reduction Act is reinforcing IRS enforcement capabilities, particularly targeting high-wealth individuals who evade taxes. This heightened scrutiny means these individuals are now more likely to face audits and thorough examinations of their financial affairs. Here\u2019s a more in-depth look at what this <\/span><a href=\"https:\/\/www.irs.gov\/newsroom\/irs-announces-sweeping-effort-to-restore-fairness-to-tax-system-with-inflation-reduction-act-funding-new-compliance-efforts\"><span style=\"font-weight: 400;\">increased scrutiny entails:<\/span><\/a><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Income Sources:<\/strong> The IRS will delve into the various sources of income you have, domestic and international. This includes scrutinizing earnings from investments, business ventures, real estate holdings, and other revenue streams. It\u2019s essential to report all your income accurately and comprehensively on your returns.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Investment Portfolios:<\/strong> If you have an extensive <a href=\"https:\/\/johnsonwim.com\/helping-protect-your-retirement-investments\">investment portfolio<\/a>, expect the IRS to examine it closely. They want to confirm that your capital gains, dividends, and interest income are accurately reported. Additionally, any losses claimed should be legitimate and compliant with tax regulations. Provide detailed records of your investment transactions and consult a financial professional to help ensure proper reporting.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\"><strong>Tax Shelters:<\/strong> Tax shelters are structures or strategies to minimize liabilities. The IRS is particularly interested in reviewing these arrangements to prevent tax evasion. High-worth individuals should be prepared for a meticulous examination of any tax shelters they are involved in.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By maintaining accurate records and seeking professional guidance when needed, you can confidently navigate tax-related issues in the future.<\/span><\/p>\n<h3><strong><img decoding=\"async\" class=\" wp-image-16287 alignleft\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-29-200x300.png\" alt=\"\" width=\"236\" height=\"354\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-29-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-29-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-29-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-29.png 800w\" sizes=\"(max-width: 236px) 100vw, 236px\" \/>Technology-Driven Tax Audits<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The IRS has embraced advanced technology, including artificial intelligence (AI), to identify discrepancies in tax filings. This technological shift enables the IRS to spot inconsistencies and potential errors in tax filings more effectively. AI is helping enhance the accuracy and efficiency of audits. This move is especially relevant for high-net-worth individuals with more complex financial situations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Utilizing modern tax software can be a smart move. These programs are often equipped with sophisticated algorithms to help identify potential errors and optimize tax returns for compliance and efficiency. Moreover, considering the complexity of <a href=\"https:\/\/johnsonwim.com\/year-end-tax-considerations\">tax laws<\/a> and the nuances of high-value financial portfolios, high-net-worth individuals might find engaging financial professionals with access to AI tools beneficial.<\/span><\/p>\n<h3><strong>Changes To Retirement Planning<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.tiaa.org\/public\/institute\/publication\/2023\/financial_literacy_longevity_literacy_and_retirement_readiness\">A recent TIAA study<\/a> reveals that over half of American adults lack awareness of the typical duration of retirement years. So understanding your savings goal and the level of risk you\u2019re willing to take to get there is a crucial step of retirement planning. In this phase, it\u2019s vital to thoroughly review your retirement accounts, taking into account recent changes in tax laws. Compliance with these laws is a legal requirement and a key to protecting your assets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For those with significant assets, they need to have a strategy in place. <a href=\"https:\/\/johnsonwim.com\/5-life-events-your-financial-advisor-can-help-you-with\">High-net-worth individuals<\/a> should be particularly cautious about their transparent and compliant investment structures. This includes being aware of the latest regulations concerning distributions from retirement accounts and contributions to them. Failure to adhere to these regulations can result in substantial penalties. Advisors can help you navigate the nuances of tax compliance and investment management.<\/span><\/p>\n<h3><strong><img decoding=\"async\" class=\"wp-image-16292 alignright\" src=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-5-200x300.png\" alt=\"\" width=\"235\" height=\"353\" srcset=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-5-200x300.png 200w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-5-683x1024.png 683w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-5-768x1152.png 768w, https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/12\/JWIM-Blog-Images-5.png 800w\" sizes=\"(max-width: 235px) 100vw, 235px\" \/>Get Professional Advice You Can Trust<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Working with a financial advisor who understands tax laws is more important than ever. Experienced financial advisors can provide tailored guidance based on your financial situation. Financial advisors can also help develop tax-efficient strategies that align with your long-term goals.<\/span><\/p>\n<p>At Johnson Wealth and Income Management, our team of dedicated Fiduciary advisors stands ready to support you through the complexities of <a href=\"https:\/\/johnsonwim.com\/services\">retirement and tax planning, among other financial areas.<\/a> Our advisors possess deep knowledge and skills in wealth management, enabling them to introduce and guide you through innovative strategies that can enhance your financial position. Whether it&#8217;s optimizing your asset allocation, planning for estate taxes, or exploring investment opportunities, our advisors are equipped to provide comprehensive support.<\/p>\n<p>Our goal a<a href=\"https:\/\/johnsonwim.com\/\">t Johnson Wealth and Income Management<\/a> goes beyond simple financial planning. We are committed to empowering you with the knowledge and expert guidance needed to make well-informed financial decisions. This approach is designed to lead you toward a more secure, prosperous, and fulfilling retirement.<\/p>\n<h3><strong>Final Thoughts<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">As the IRS ramps its efforts for tax fairness, high-net-worth individuals and those nearing retirement must remain vigilant and proactive. You can confidently navigate this evolving landscape by staying informed, seeking professional advice, and adapting your wealth management strategies.<\/span><\/p>\n<p>At Johnson Wealth and Income Management, our team of Fiduciary Advisors is dedicated to supporting you in these endeavors. We&#8217;re here to assist with your tax planning needs, providing you with peace of mind as you navigate your financial journey.<\/p>\n<p><strong><a href=\"https:\/\/johnsonwim.com\/contact\">Contact us today to schedule your complimentary retirement strategy session.<\/a><\/strong><\/p>\n<hr \/>\n<p><small>All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth &amp; Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth &amp; Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth &amp; Income Management is a franchisee of the Retirement Income Source. The Retirement Income Source and Sound Income Strategies LLC are associated entities. \u00a9 2023 Sound Income Strategies.<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the IRS intensifies its efforts for tax fairness, high-net-worth individuals and large partnerships find themselves under the microscope like never before. The IRS\u2019s enhanced focus on auditing these groups means that every aspect of their financial lives, from income sources to investment portfolios and tax shelters, will face greater scrutiny. Here\u2019s what you should [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[37],"tags":[585,586,587,582,269,562,583,589,577,74,29,386,59,581,479,588,385,584],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - 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