As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for …
New IRS Funding Boosts Enforcement and Taxpayer Assistance Read More »
The recent reduction in funding allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act of 2022 is not anticipated to have significant immediate consequences for the agency’s plans, according to an IRS official. Although over $21 billion of the allocated funds was rescinded or repurposed, leaving approximately $60 billion remaining, the IRS …
Upgrading the Internal Revenue Service’s antiquated IT infrastructure will help honest taxpayers, especially those making $400,000 or less, from being audited, Department of the Treasury Secretary Janet Yellen said. Speaking September 15, 2022, at an IRS facility in New Carrollton, Md., Yellen reiterated that the $80 billion in additional funds allocated to the IRS in the …
IRS Infrastructure Upgrades Aim to Protect Honest Taxpayers Read More »
It is pretty hard to do any of our jobs without the proper technology. This is especially true for the IRS, the agency responsible for collecting taxes which ultimately funds nearly all other federal government agencies. With that in mind, the Department of the Treasury is continuing its push to get funding for much needed information …
The National Taxpayer Advocate (NTA), Erin M. Collins, has released her 2021 Annual Report to Congress. The NTA called the calendar year 2021 the most challenging year taxpayers and tax professionals have ever experienced. The report states that tens of millions of taxpayers experienced delays in the processing of their returns, with 77 percent of individual …
National Taxpayer Advocate Delivers Annual Report to Congress Read More »
If you have tried to call the IRS any time in the last year or so, our bet is that you are still on hold. With all the changes in the tax laws over the last two years, its dated technology and myriad other factors, the agency simply doesn’t have the money or people to meet …