Episode 108: $80 Million for the IRS
Sep 8, 2022
I’m sure you have heard a lot about the provision in the Inflation Increase Act to give $80 million dollars to the IRS. There has been much concern about increases in IRS audits and that the IRS has been stockpiling bullets. While lawmakers are trying to calm the concerns of Americans, there are several reasons why the IRS is understaffed and service is suffering. The real question is what will happen when the IRS beefs up it’s staffing.
Here are just a handful of the things that we'll discuss:
- Since the 2013 IRS scandal, there have been several IRS budget cuts
- The Inflation Increase Act will require more taxes to be collected to pay for all the new spending
- Significant numbers of IRS agents are over 55 and will be retiring
- New hires are not expected to be trained until 2026