IRS Commissioner Danny Werfel has announced that the IRS is going after 1,600 millionaires who owe at least $250,000 each and collectively owe hundreds of millions of dollars, as part of an expanded push to make sure that wealthy taxpayers pay what they owe.

Time to start thinking about optimizing Roth conversions, RMDs, capital gains, Medicare premiums and charitable giving before year's end. The things you do before Dec. 31 are typically what save you the bigger dollars. And saving bigger dollars is fun for everyone. Here are five things retirees should consider before Dec. 31:

Last year, millions of taxpayers never responded to letters from the Internal Revenue Service requesting that they authenticate their identity before the IRS can release their federal income tax refunds, according to a new blog by the National Taxpayer Advocate.

The home sale exclusion remains one of the biggest and best tax breaks on the books. If a married couple filing jointly qualifies, they can exclude from tax up to a half million dollars of their profit when they sell their principal residence. However, you must meet certain requirements spelled out in the tax law. Significantly, the exclusion may be jeopardized if a couple is getting divorced.

As an attempt to stimulate the restaurant industry, business meals prepared by a restaurant became 100% deductible to the employer for 2021 and 2022. Prior to this change, meals were mostly 50% deductible. Now, in 2023, we are back to where we were before the pandemic, so most meals are once again 50% deductible while entertainment expenses remain non-deductible.

The IRS has announced that it’s “open season” on false claims for the Employee Retention Credit (ERC). It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). This type of scheme was recently included on the IRS’ list of the Dirty Dozen tax scams to watch out for in 2023.