$80 Billion - Where Will The IRS Spend It? - The Inflation Reduction Act was passed in August 2022. The Act provided $80 Billion over 10 years. The vast majority of those funds are directed to enfor

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Today's Tax Talk with Attorney Steven Leahy

Steven Leahy

239 episodes

3 days ago

Attorney Steven Leahy has worked with business owners in the Chicago area and beyond for over two decades. He is the tax resolution answer man for those with: unfiled tax returns, tax planning issues, and more. What do you need to do as a business owner to avoid issues with the IRS? Attorney Leahy is the Founder & Principal of Opem Tax Advocates with the Law Office of Steven A. Leahy, PC. He is the host of the IRS Radio Hour on 560 the Answer, a frequent guest on Home Sweet Home Chicago and other WGN Radio programs, and is the tax answer man on television stations like ABC 7 and FOX Chicago.

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$80 Billion - Where Will The IRS Spend It? - The Inflation Reduction Act was passed in August 2022. The Act provided $80 Billion over 10 years. The vast majority of those funds are directed to enfor

Today's Tax Talk with Attorney Steven Leahy

25 minutes 16 seconds

2 years ago

$80 Billion - Where Will The IRS Spend It? - The Inflation Reduction Act was passed in August 2022. The Act provided $80 Billion over 10 years. The vast majority of those funds are directed to enfor

Thursday March 16, 2023 - The Inflation Reduction Act was passed in August 2022. The Act provided $80 Billion over 10 years. The vast majority of those funds are directed to enforcement almost 60%. Only $3.2 billion – under 4% - is going to taxpayer services – like answering the phone.

Today the Taxpayer Advocate, Erin Collins, wrote “The IRA allocated the funds in a manner that does not address the needs of U.S. taxpayers, including individuals, families, and businesses,” Collins continued, “The additional funding provided by the IRA, while appreciated and welcomed, is disproportionately allocated for enforcement activities and should be reallocated to achieve a better balance with taxpayer service needs and IT modernization. We need to put taxpayers first.”

This space recently reported the IRS missed the 6 month deadline, imposed by Treasury Secretary Janet Yellen, to provide a plan on how the IRS intends to spend the IRA money. The IRS reported that it “expects to deliver the plan to the Secretary in [the] coming weeks.” That doesn’t mean they aren’t already spending

Attorney Steven A. Leahy looks at the IRS’ progress on this episode of Today’s Tax Talk.

https://www.pgpf.org/blog/2023/03/would-increased-funding-for-the-irs-narrow-the-tax-gap

https://thehill.com/business/3903701-taxpayer-advocate-urges-congress-to-reconsider-80-billion-irs-funding-boost/

https://www.irs.gov/pub/image/21dbmainchart.png

https://www.boropark24.com/news/irs-hires-5-000-customer-service-agents