Talking Tax
IRS' Windfall Getting Swept Away on Capitol Hill
Aug 30, 2023
The podcast discusses the IRS's $80 billion windfall and how Congress is now taking back some of that money, potentially impacting the agency's modernization plans. The funding issues faced by the IRS and their impact on compliance and enforcement are explored. The episode also previews the next season's focus on a potential ban on non-compete clauses.
17:17
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Quick takeaways
- The IRS experienced a significant funding decline, impacting enforcement capabilities and modernization efforts within the agency.
- Republicans in the House have proposed cutting over a billion dollars from the IRS's annual appropriation and clawing back $21.4 billion from the $80 billion windfall, highlighting the ongoing fight over IRS funding.
Deep dives
IRS funding rollercoaster and the need for the $80 billion windfall
The podcast discusses how the IRS has experienced significant fluctuations in funding in recent years, from chronic underfunding to receiving an $80 billion windfall. The funding decline impacted enforcement capabilities, leading to a reduction in staff and outdated computer systems. The COVID-19 pandemic further exacerbated the challenges faced by the IRS, with service centers closing and paper returns not being processed in a timely manner. The $80 billion windfall was intended to address these issues and support modernization efforts within the agency.
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