On August 16, 2022 we posted Inflation Reduction Act of 2022 Is Law, where we discussed what's in the Inflation Reduction Act allocates $80 billion to increase enforcement by the IRS.
Now according to Law360, the Internal Revenue Service is on track to deliver the for the Inflation Reduction Act's nearly $80 billion funding boost to the Treasury Department by the Feb. 17, 2023 deadline, according to a Treasury Inspector General for Tax Administration report released on Monday, January 16, 2023.
The IRS is taking actions to develop the spending plan detailing how the agency wants to spend Inflation Reduction Act funding over a decade on technology, workers and service improvement, according to the report. The plan, requested by Treasury Secretary Janet Yellen, must also include metrics for focus areas and goals the agency will strive to reach.
The IRS is working to monitor the implementation of Inflation Reduction Act tax provisions, coordinate organizational transformation efforts and track funding and spending, TIGTA said. According to the report, the agency is on track to timely implement all provisions before the filing season begins.
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Read more at: Tax Times blog