The Treasury Inspector General for Tax Administration recently issued a report on IRS spending under the Inflation Reduction Act (IRA). It found the IRS has spent nearly $6.9 billion of its approximately $57.8 billion in IRA funding through the third quarter of fiscal year 2024. Notably, the IRS has used supplemental IRA funding to fund operations because its annual appropriations weren’t enough to cover general operating expenses. The IRS received the same annual appropriation amount for FY 2024 that it received in FY 2023, with no inflation adjustment. For FY 2024, the IRS estimates it will use $1.6 billion of IRA funding to cover certain shortfalls. Read the report: https://bit.ly/3UaOaF2
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