Thursday September 15, 2022 – United States Treasury Secretary Janet Yellen Speaking at an IRS facility in New Carrollton, Maryland, said “the funding will help to improve the IRS in the form of better technology and taxpayer services, and stronger enforcement focused on wealthy Americans and corporations.”
Yellon also said “Importantly, I’ve directed that enforcement resources will not be used to raise audit rates for households making under $400,000 a year relative to historical levels,”
Republicans in Congress have prosposed legislation that would prevent the IRS from using any of the Inflation Reduction Act money to audit taxpayers who earn less than $400,000 annually. Good luck.
Attorney Steven A. Leahy critiques Secretary Yellon’s announcements about how the IRS will use the $80 Billion windfall on Today’s Tax Talk.