02/07/2024

New Funding Gives IRS "a Shot in the Arm"

The agency expects to collect hundreds of billions in overdue, unpaid taxes

The Internal Revenue Service (IRS) is poised to take in hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated, according to new analysis released Tuesday by the Treasury Department and the IRS.

Tax revenues are expected to rise by as much as $561 billion from 2024 to 2034, thanks to stepped-up enforcement made possible with money from the Inflation Reduction Act, which became law in August 2022.

The Congressional Budget Office (CBO) in 2022 estimated that the tens of billions of new IRS funding provided by the IRA would increase revenues by $180.4 billion from 2022 to 2031. The IRS now says that if IRA funding is restored, renewed and diversified, estimated revenues could reach as much as $851 billion from 2024 to 2034.

Please select this link to read the complete article from WBNS-10TV.