What Trump's plan to end IRS 'overstepping' could mean for audits of rich people -- and call hold times for everyone else [View all]
The Biden administration tried turbocharging the Internal Revenue Service’s tax-collection capabilities with billions in extra funding and bold audit targets aimed at rich taxpayers.
Those enforcement efforts face a new challenge due to Capitol Hill maneuvers on funding — and it may be a preview of a scaled-back role for tax auditors as Donald Trump returns to the White House and Republicans take Congress next year.
Trump’s team is already telling MarketWatch that he’ll end “bureaucratic overstepping” at the IRS.
Rewind to 2022, when Democrats passed the Inflation Reduction Act, giving the IRS $80 billion in funding over a decade. More than half the money was for increased enforcement, focused on businesses and wealthy households making at least $400,000. The rest of the funding was devoted to better customer service and technology improvements.
Read more: https://www.marketwatch.com/story/what-trumps-plan-to-end-irs-overstepping-could-mean-for-audits-of-rich-people-and-call-hold-times-for-everyone-else-67e4231e
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