WASHINGTON (AP) — The IRS has fallen behind as the agency's leadership seeks to promote its latest effort to modernize the agency with funds from the Inflation Control Act that Republicans are threatening to scrape. announced it had collected an additional $360 million in delinquent taxes from billionaires. .
Top federal tax collectors held a call with reporters Thursday about how some of the tens of billions of dollars allocated to the agency through Democrats' anti-inflation law passed in August 2022 have been spent. Provided the latest information.
Combined with $122 million raised from Delinquent Billionaire Last October, IRS officials announced that nearly $500 million in delinquent taxes due to massive tax fraud had been recovered.
The announcement comes as the IRS prepares for more severe funding cuts.
The agency cuts were previously agreed to by the White House and Republicans in Congress. Debt Ceiling and Budget Reduction Package The budget bill passed by Congress last year, which included $20 billion withdrawn from the IRS over two years, was brought forward as part of this fiscal year's overall spending package and will be released by the agency later this month. It could help avoid some closures.
“The impact of the cancellations being discussed as part of the current budget will not impact our efforts until later in life,” IRS Commissioner Daniel Werfel said in a statement.
He said the agency will continue to spend its current $60 billion allocation over the next 10 years, spreading the need for additional funding to later years.
“Our intention is to spend money to have the greatest impact in supporting taxpayers, and to have the greatest impact now and in the immediate future,” he said.
“My hope is that at that point, as we demonstrate that IRA funds have a positive impact on all taxpayers, there will be a need and desire among policymakers to restore IRS funds, and there will be an extraordinary “It's about being able to continue the momentum that is having a positive impact on the economy,” Werfel said.
As of December, the IRS announced it had opened 76 inspections of America's largest partnerships, including hedge funds, real estate investment partnerships, and large law firms.
“It's clear that the Inflation Control Act funding is making a difference for taxpayers,” Werfel said. “To continue to make progress, we must maintain reliable and consistent annual budgets for our agencies.”
2024 tax season Starts from January 29thsays the IRS.
