Jim Guarino Quoted in Barron’s
James Guarino spoke with a reporter from Barron’s about the additional funds the IRS will receive from the Inflation Reduction Act of 2022. A big part of this will go to enforcement, as audit rates have declined precipitously for high-income earners. The goal for the IRS is to hire 87,000 new agents. In other words, advisors will likely have clients with more problems with the IRS. “It is essential to have accurate, organized and contemporaneous records to support any information reported on one’s tax return,” says James Guarino, a CPA and managing director at Baker Newman Noyes. “The larger the amount reported on the tax return, the more critical the need for adequate records and documentation.”