The Inflation Reduction Act (IRA) was signed into law last summer in an effort to stem the rising inflation. Within the IRA was an enhancement to the 179D Energy Efficient Commercial Buildings Deduction. 179D itself is essentially providing an incentive for organizations to use more energy efficient technologies for their buildings.
The IRS on Thursday released a plan for the nearly $80 billion in agency funding enacted through the Inflation Reduction Act in August — including expected boosts for customer service, technology, and enforcement.
The IRS on Thursday released its $80-billion plan to begin the agency’s modernization efforts, which will introduce new digital tools, streamline tax processes, and offer more assistance to taxpayers.
The IRS is planning how it will use the $80 billion allocated to the agency under the Inflation Reduction Act — and how it will successfully recruit new employees
The IRS hopes to increase tax audits on the wealthiest taxpayers tenfold under the Biden administration’s plan for the agency, according to a senior administration official and the IRS’s new strategic operating plan.
A large-scale refurbishment of the Internal Revenue Service (IRS) is underway following an allotment of $80 billion to the agency in Democrats’ Inflation Reduction Act passed last year.
Tax agency ‘has an opportunity to transform our operations and provide the service that people deserve,’ commissioner says
The IRS has released its strategic operating plan for spending $80 billion in extra funding over the next decade. Here’s a look at what it does—and doesn’t—include.
Audit rates have been on the decline since 2010. Across all income brackets, the audit rate decreased to 0.25% in 2019, down from 0.9% in 2010.
Expectations are high that the IRS will beef up tax enforcement with its new $80 billion in multiyear funds from the Inflation Reduction Act, but it will take some time for that to come to fruition.