IRS ADDING 87,000 PERSONNEL TO CLOSE TAX GAP

IRS adding 87,000 personnel to close tax gap. With the passage of the Inflation Reduction Act, President Biden is fulfilling a campaign promise, to use the IRS Collection Division, which was underfunded for years, to collect the billions that are not being collected, to successfully fund the appropriate government programs. The tax gap, the amount collected versus what should be collected, has grown since the Republican led Congress has stifled the funding of the IRS to levels that would allow it to do its job effectively. That has now come to an end. IRS adding 87,000 personnel to close tax gap.

IRS ADDING 87,000 PERSONNEL TO CLOSE TAX GAP

It is difficult to estimate the total tax gap, as many approaches and statistical analysis will come up with different determinations of the actual gap. Most of the models used, have a Detection Controlled Estimation, which is used to measure the errors that happen whenever you do statistical analysis. In fact, several different and various methods have been used to measure the tax gap, all with various findings. One f the reasons for this are the things you put into the equations to begin with. Some put in the impact of offshore money, while do not. Some include digital assets, other so not. Many different factors can contribute to the various results that are given, but one thing is known, a large tax gap exists, and if the IRS were fully funded it would go down, and the amount of taxes collected would go up. By the spring of 2023, the IRS will again become aggressive in collections, given the new personnel they will have.

IRS FRESH START PROGRAM

If you were one of the families who drew down retirement savings to get through the Covid Pandemic, you may qualify for Tax Relief set up by Congress for such situations. Its best to get with a good Tax Resolution Company, who will help you determine if you qualify for the IRS Fresh Start Program.

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