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What’s going on:Â Â
The U.S. Internal Revenue Service (IRS) is gearing up for a massive investment of $80 billion over the next two years to hire nearly 20,000 new employees, deploy cutting-edge technology, and revamp tax enforcement and customer service. Â
With the recently passed Inflation Reduction Act, the IRS is allocating $8.64 billion of the total sum to the 2023 and 2024 fiscal years, of which 7,239 new hires are set to join the enforcement staff. Â
This investment is set to modernize the audit capabilities and outdated computer systems, restoring the agency after a decade of funding cuts. Â
Why it matters:Â Â
This investment is set to modernize the audit capabilities and outdated computer systems, restoring the agency after a decade of funding cuts.Â
This ambitious plan strives to bridge the enormous “tax gap” of around $600 billion between taxes owed and those actually paid annually, by focusing new audits on the wealthiest Americans. Â
How it’ll impact the future:Â
The new IRS leader declared his determination to honor Treasury Secretary Janet Yellen’s promise to keep audit rates unchanged for individuals earning below $400,000.
