Megan L. Brackney was quoted in a Bloomberg Tax article published May 20, 2024 titled “Wealthy Taxpayers Prep Years-Late Returns Ahead of IRS Crackdown.” Following a February 2024 announcement from the IRS that the agency would be pursuing wealthy taxpayers who failed to file their returns, a flurry of wealthy taxpayers are contacting counsel to want to file in case they receive a collection letter.
From the article:
“We are getting a lot of calls from potential clients,” said Megan Brackney, a tax controversy lawyer at Kostelanetz LLP. “People who have been anxious about not filing are now becoming more anxious because it seems like the IRS might contact them.”
Most people who become non-filers had something happen one year—such as an illness—then got behind and overwhelmed by their taxes, Brackney said. The warning announcement from the IRS may be enough to spark compliance.
And the infusion of billions of dollars into the IRS after the 2022 tax-and-climate law adds teeth to the campaign.
“It’s getting more attention because the IRS has the mandate to do it and the funds to make it happen,” Brackney said.
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