Thursday September 8, 2022 – Recently, Congress and the Administration passed the Inflation Reduction Act. That Act authorized $80 Billion to the IRS.over 10 years. According to the United States Department of Treasury, the money “could fund 86,852 full-time hires through 2031.”
Add the 10,000 additional employees authorized just prior to the Inflation Reduction Act passing, and we are at nearly 97,000 new hires.
Just what will the IRS do with the new workers? Well, more than half of the money is allocated to enforcement. Read that as “audits.”
What can you do to prepare for the 87,000 plus surge in the IRS? Attorney Steven A. Leahy addresses that question on Today’s Tax Talk.