The Internal Revenue Service is hiring 87,000 new agents, but taxpayers will not feel the pain for another two to three years. That’s how long it will take the agency to hire and train agents. Few have discussed the extent of this pain. Still, it’s something to think about when you consider the majority of coming audits will be conducted by new agents, many of whom will have been hastily hired and operating with minimal supervision. Playing the audit lottery will not be smart in future tax years. Taxpayers should protect themselves now, especially when profiting from statutory gray areas — such as cryptocurrency staking, investing through decentralized autonomous organizations (DAOs) and other decentralized finance (DeFi) products. When I started my career in the mid-2000s, business audits...
Contrary to the publication by BudgIT, a public finance analyst, the Lagos State Government said it is economically and financially solid. The state Commissioner for Finance, Dr. Rabiu Olowo, made the assertion in a statement on Monday in reaction to BudgIT, publication, titled: ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’, which the state Governor, Babajide Sanwo-Olu, administration described as “misinformation”. According to Olowo, BudgIT has apologized for its error in the report. According to Olowo, the facts are: “Lagos State continues to meet all its recurrent and loan service obligations and the information that was published in incorrect, inaccurate and a gross distortion of the actual facts. “The accurate information that ought to ...
National Leader of the All Progressive Congress, Asiwaju Bola Tinubu, has campaigned for the reelection of Governor Rotimi Akeredolu saying he has done more than talk. Tinubu said this in Akure during the inauguration of the newly built Internal Revenue Service office complex constructed by the Akeredolu administration. While commending Akeredolu for his giant strides in the state, Tinubu said that he has laid a solid foundation for the state. Tinubu said “Akeredolu has done more than talk development and dedicated himself and his administration to bringing development to the state. He noted that since “the Governor came on board in 2016, he has had his hands on the plough, recording one milestone after another. ”Among the laudable projects he has launched is the Ore Industrial Hub which w...