How will the IRS spend $80 billion of new funding provided under the Inflation Reduction Act? The plan is to course-correct after setbacks (including COVID-19) that led to erosion of customer service. U.S. Treasury Secretary Janet Yellen listed some key areas of focus. They include fully staffing all IRS Tax Assistance Centers by next year to triple the number of taxpayers able to get in-person help and cut in half the wait time for telephone assistance. Over half of the new funding will be used for compliance enforcement, but Yellen said the added scrutiny will be directed at wealthy individuals. With improved technology, she said, “we expect audit rates for honest taxpayers to decline.” Call or visit our website for more information! www.mjscpa.com/
