Senator Wyden Releases IRS Expectations
In August of 2022, President Biden signed into law the Inflation Reduction Act, part of which provided the IRS with $80 billion over a 10-year period. The belief by many GOP members of Congress was that the IRS will target more middle and low-income Americans because they are generally easier to audit.
In response to that, Senate Finance Committee Chairman Ron Wyden wrote a letter to the Treasury Secretary and IRS Commissioner explaining his expectations of where the $80 billion should be allocated over the next 10 years:
· Improve customer service;
· Invest in technology to improve service and enforcement;
· Rebalance audit rates;
· Crack down on offshore tax evasion;
· Reduce the tax gap
· Rebuild the IRS Criminal Investigation Division
Senator Wyden noted that the IRS has lost over 40% of revenue agents since 2010. And by 2017, taxpayers that claimed the Earned Income Tax Credit (EITC) were more likely to be audited by the IRS than those that earned over $500,000.
To read the full letter please click Here.
For more information, please reach out to The Professionals at The Center for Financial, Legal, & Tax Planning Inc., at (618) 997-3436.