Senate Democrats claim they have all the mandate to approve the Inflation Reduction Act.
which will be submitted tomorrow.
The IRS will benefit hugely from the bill's financial boost. Jennifer Schonberger explains.
Jennifer, how much will this help the IRS?
IRS Chief Charles Rettig promised Lawmakers that the agency won't audit middle-class Americans making $400,000 or less
if it receives Inflation Reduction Act funds.
These resources aren't about auditing small firms or middle-income Americans.
Our commitment to compliance capabilities follows the Treasury Department's guidance...
...that audit rates for families earning less than $400,000 won't grow.
Rettig thinks the reconciliation bill will help the IRS return to historical standards.
and crack down on major corporations and high-net-worth people.
The IRS is aiming to pursue pass-through firms and international filers with foreign tax difficulties.
Rettig said the IRS requires specialist teams to analyze complicated arrangements.
This law proposes investing $80 billion to go after tax cheaters...
...which is expected to earn more than $200 billion in new revenue over the next decade.
Swipe Up To Read More Stories
Swipe Up To Read More Stories
Swipe Up