IRS unveils spending plan for $80B funding boost

Norge Nyheter Nyheter

IRS unveils spending plan for $80B funding boost
Norge Siste Nytt,Norge Overskrifter
  • 📰 FoxBusiness
  • ⏱ Reading Time:
  • 61 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 53%

The IRS promised to crack down on the tax gap by enhancing enforcement of wealthy Americans and major corporations with its $80 billion funding boost.

Rep. Jason Smith, R-Mo., asked Treasury Secretary Janet Yellen whether the IRS will use race or gender in deciding audits in response to the Biden administration's"equity" push.on Thursday unveiled its long-awaited spending plan for a controversial $80 billion cash infusion, pledging to hire thousands of new workers to audit wealthy Americans and big corporations.

The roadmap provides new details about how the tax-collecting agency will use the money over the next decade, including plans to modernize technology, improve customer service, deliver real-time alerts, provide "world-class" customer service and crack down on the so-called tax gap by enhancing enforcement of the wealthy.

The Treasury Department previously said the funding boost would allow the IRS to hire about 87,000 workers over the next 10 years, doubling the agency's staff. However, the operating plan did not provide an estimate for the agency's hiring plans beyond the next few years. The IRS – which had about 78,700 employees as of 2021 – said that it plans to hire nearly 30,000 new employees by the end of fiscal year 2025, including 8,782 hires in enforcement and 13,883 in taxpayer services. The new enforcement employees will be "exclusively" focused on high-earning households, larger partnerships and companies, according to IRS Commission Danny Werfel.

The influx of money for the IRS over the next decade was included in the Democrats' health care and climate change spending bill – dubbed the Inflation Reduction Act – that

Vi har oppsummert denne nyheten slik at du kan lese den raskt. Er du interessert i nyhetene kan du lese hele teksten her. Les mer:

FoxBusiness /  🏆 458. in US

Norge Siste Nytt, Norge Overskrifter

Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.

IRS to spend $80B to hire 30,000 new employees, boost audits on wealthyIRS to spend $80B to hire 30,000 new employees, boost audits on wealthyThe IRS also will continue to ramp up customer service hiring after taking on 5,000 new taxpayer services staff in recent months to answer telephones, reopen taxpayer assistance centers and process…
Les mer »

IRS to unveil $80B spending plan this week, Yellen saysIRS to unveil $80B spending plan this week, Yellen saysThe IRS will soon release its spending plan for the $80 billion in funding it received last year as part of President Biden's Inflation Reduction Act.
Les mer »

IRS Plan to Spend $80 Billion Includes Real-Time Tax Alerts, Audits of Wealthy PeopleIRS Plan to Spend $80 Billion Includes Real-Time Tax Alerts, Audits of Wealthy PeopleThe IRS unveiled its strategic plan, promising to shift more taxpayer interactions onto digital platforms and add thousands of new enforcement staffers to audit wealthy people and corporations
Les mer »

IRS reveals plans to spend $80 billion in new cashIRS reveals plans to spend $80 billion in new cashThe IRS released a 10-year plan Thursday outlining how it plans to spend the $80 billion in new money Democrats pumped into the tax agency as part of last year’s climate change budget law, promising the cash will help go after high-dollar tax cheats and fix the agency’s abysmal customer service.
Les mer »

New IRS leader promises faster, easier tax filing processNew IRS leader promises faster, easier tax filing processThe Internal Revenue Service’s new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide “real-world improvements” to taxpayers.
Les mer »

Lipman: Are commissions earned as an estate's executor taxable?Consider using the IRS interactive tax assistant if you have questions or need more...
Les mer »



Render Time: 2025-03-06 12:21:34