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July 6, 2021

IRS will get $80 Billion to Close the Tax Gap from American Families Plan

James Cha, CPA, CTRS Tax Relief

What does President Joe Biden’s recently-announced $1.8 trillion proposal mean to you? We know that the IRS is vigorously trying to close the tax gap and expected to increase Audits & Collections. Over the past 10 years, the IRS has become under-funded, with many IRS employees being let go. Over this time, the audits by the IRS have fallen by 72% and the IRS has lost more than 17,000 employees. However, through President Joe Biden’s $1.8 trillion proposal, known as the American Families Plan, IRS enforcement efforts will be invigorated through a heightened budget. With the proposed budget increase, Rettig, the IRS Commissioner, plans to hire up to 4,875 more IRS employees in the enforcement part of the agency. This plan is proposed to boost the IRS’s funding by $80 billion over 10 years. This will reform the IRS through technology upgrades and hiring more employees. Ultimately, it will help close the “tax gap” of about $700 billion over 10 years.

 

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Disclaimer: Ace Plus Tax Resolution, as part of our services to our valued clients, is providing these videos for informational purposes only. We are not responsible for any damages the attendees or viewers may suffer as a result of following any of the advice or information provided. Although we are doing our best to stay informed, the current situation is very dynamic, and the information could change at any time without any notice. Our information and advice are not legal in nature and should not be construed as such. Please consult your legal counsel if you should need any legal advice.

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  • $25K to 150K California small businesses – largest state grant!
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