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As we head into 2023, taxpayers in New Jersey need to prioritize compliance. The IRS has made clear that it intends to ramp up its enforcement efforts in the years to come, and its Strategic Plan for Fiscal Years 2022-2026 highlights several enforcement priorities. With this in mind, here are some of our key insights from 2022 that taxpayers can (and should) carry into 2023.

When taxpayers pay the Internal Revenue Service (IRS) less than they owe, interest begins to accrue immediately. Underpayment interest is calculated as a percentage of the unpaid amount, and this percentage changes based on fluctuations in the federal short-term rate.