Episode 108: $80 Million for the IRS
KPC Smart Money
English - September 08, 2022 21:37 - 12 minutes - 17.4 MBInvesting Business Management management market personalfinance safety security stock wealthmanagement advisor annuities annuity Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Episode 107: 6 Things Your Retirement Plan May Be Missing - Part 2
Next Episode: Episode 109: Older Workers are "Quietly Returning"
I'm sure you have heard a lot about the provision in the Inflation Increase Act to give $80 million dollars to the IRS. There has been much concern about increases in IRS audits and that the IRS has been stockpiling bullets. While lawmakers are trying to calm the concerns of Americans, there are several reasons why the IRS is understaffed and service is suffering. The real question is what will happen when the IRS beefs up it's staffing.
Key takeaways:
Since the 2013 IRS scandal, there have been several IRS budget cuts The Inflation Increase Act will require more taxes to be collected to pay for all the new spending Significant numbers of IRS agents are over 55 and will be retiring New hires are not expected to be trained until 2026