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What’s going on:
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.
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.
This investment is set to modernize the audit capabilities and outdated computer systems, restoring the agency after a decade of funding cuts.
Why it matters:
This investment is set to modernize the audit capabilities and outdated computer systems, restoring the agency after a decade of funding cuts.
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.
How it’ll impact the future:
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.
