How is the IRS using the increased funding it received?

Posted on by Van de Ven CPAs + Business Consultants

Recent analysis from the U.S. Dept. of Treasury and the IRS shows that the additional funding provided to the IRS under the Inflation Reduction Act (IRA) can increase overall revenues by nearly $561 billion through fiscal year 2034. This amount is substantially more than the previously estimated amount of $390 billion over the next 10 years. Greg Leiserson, Treasury Deputy Assistant Secretary for Tax Analysis, said that if IRA-related IRS funding is renewed when it runs out, as the Biden administration has proposed, the estimated revenue could reach as much as $851 billion. Read the Dept. of Treasury analysis: https://bit.ly/42u13go 

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