WHAT IS IRS GOING TO DO WITH $80 BILLION
August 29, 2022 - Douglas Myser
What is IRS going to do with $80 billion. The recently passed Inflation Reduction Act, signed by President Biden, will invest nearly $65 billion in health care, by making the Affordable Care Act easier for people to get into, by lowering the premiums they pay. It will also put $370 billion into fighting climate change, a first for the USA, which will send a signal to the world that science is dictating what our eyes can see is real. Candidate Biden had stated that he wanted to pay for his proposals by increasing funding for the IRS, which is running a collection deficit estimated to be between $600 and $800 billion per year. The Inflation Reduction Act would push $80 billion over to the IRS. What is IRS going to do with $80 billion.
One of the top priorities at the IRS is a complete overhaul of the oldest computer system in the government. The agency cannot meet the demands of Americans and be a modern agency, without it. The process will take years to complete, and the IRS has wanted to do this for the last decade, but Congress would not approve the funding, so the project stalled. They are also going to add nearly 87,000 IRS personnel, although nearly 45,000 will be retiring in the next 5 years, so the increase will be closer to 42,000. That will increase the service level, and Collection Division, Criminal Division, and number of Audits the IRS performs every year. This will be good news to Tax Resolution Companies, but bad for those who get a IRS Wage Garnishment. The process for hiring will take 6 to 12 months, so if you have Unfiled Tax Returns, and want to explore Tax Relief options, now would be a good time to call our Nationwide Tax Resolution Services firm.
Our Tax Resolution firm is ready to help in case you get audited. We can even go to Tax Court for you, if that is an appropriate option. Most don't need Tax Court, only options for dealing with back taxes, like a Livable Payment Plan, Offer in Compromise, or if you are a business owner and have Payroll Tax debt, we are specialists with 940 941 taxes. We are adept at the IRS Fresh Start Program and offer services Nationwide for the last 36 years. 1-888-689-7861