120: The IRS is Hiring 87,000 New Agents; Should You Be Worried About an Audit?

The Inflation Reduction Act was recently signed into law and allocated $79 billion dollars for the IRS. The IRS is said to hire 87,000 full-time employees, which has caused some concern from some regarding the likelihood of IRS audits increasing. Tune in to learn why the IRS needs this kind of funding, and the things the new budget will be allocated towards.

Notes:

In this episode, Luis speaks about the following and more:

• IRS budget and employees for the past 10 years
• IRS delays in processing tax returns
• IRS delays in answering calls
• Who is more likely to get audited in the future

Sources:

https://money.com/irs-funding-higher-taxes-more-audits/

https://www.irs.gov/newsroom/irs-statement-by-irs-commissioner-chuck-rettig-on-the-inflation-reduction-act

Resources:

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• LatinXcellence, more than a brand, it's a movement!
• Taxpayer Advocate Service – IRS' Most Serious Problems
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