Wednesday August 17, 2022 – Well, President Bident signed the Inflation Reduction Act into law yesterday. The IRS just received an additional $80 Billion dollars over the next 10 years – a 75% increase in the IRS budget. Did you know the IRS budget, after all supplemental funding is close to $14 Billion dollars already!
Treasury Secretary Janet Yellen promised “these investments will not result in households earning $400,000 per year or less or small businesses seeing an increase in the chances that they are audited relative to historical levels.”
IRS Commissioner Charles Rettig have promised “These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans”
Attorney Steven A. Leahy measures these promises with the facts on Today’s Tax Talk.