Talking Tax Ex-IRS Head Rettig Warns of Agency Funding Cut Effects
A new White House administration and Republican-led Congress are slated to disrupt how the IRS operates.
Republicans' taste for cuts to the agency's annual appropriations and the tens of billions of added funding from the 2022 tax-and-climate law is putting the IRS and the Treasury Department on offense, as they make a case for why a well-funded IRS is good for everyone.
The Treasury Department has warned that further clawbacks would mean customer service—a bipartisan concern—as well as enforcement efforts, would take a hit.
Bloomberg Tax's Erin Slowey spoke with Charles Rettig, a shareholder at Chamberlain Hrdlicka, on why the IRS needs its funding and how a new commissioner could shake up the agency. Rettig, who served as commissioner during the first Trump administration, also addressed what he is telling his clients amid the uncertainty.
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