With the demise of the bank statement reporting regime sought by the Administration, they have turned their attention to funding. Although, increased funding has been on the agenda from day one. The current ask is for $80 Billion over the next 10 years, a nearly 70% increase from current funding.
The goal, says the administration, is to target wealthy taxpayers with stricter IRS enforcement. “When you are focusing on audits and people see that audits are happening – especially amongst people who are situated similar to them – you have better compliance,” said Deputy Treasury Secretary Wally Adeyemo..
“When they see more cops on the beat looking at tax returns, what people will decide is that it’s better to pay than to pay the penalty in the end.”
In the meantime, a former IRS commissioner is on record as saying ““I think this funding is dramatically in excess of what the IRS needs and could probably effectively use,”
Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649
