Are You Prepared to Face the IRS?
The recently passed “Inflation Reduction Act” contained a provision aimed substantially increasing the IRS’s enforcement capabilities. This increased the IRS budget by roughly $80 billion for the next 10 years. According to the Tax Foundation, $45.6 billion of that budget increase will go toward enforcement—a 69% increase. Additionally, according to the Tax Foundation, the IRS budget increase is projected to raise $203 billion in gross revenue and $123 billion in [...]