How did the Inflation Reduction Act of 2022 affect the IRS’s budget? Q.How did the Inflation Reduction Act of 2022 affect the IRS’s budget? A.In 2022’s Inflation Reduction Act (IRA), Congress provided the IRS with additional funding of nearly $80 billion through 2031. Nine months later, however, Congress and the White House agreed to reduce the IRA funds by $21.4 billion. Read more about How did the Inflation Reduction Act of 2022 affect the IRS’s budget?
What technology does the IRS use? Q.What technology does the IRS use? A.The IRS’s computer systems and data analytics have not kept up with technological advances despite decades of modernization initiatives. The Inflation Reduction Act provides the IRS with a new source of funding dedicated to business systems modernization. Read more about What technology does the IRS use?
What did the 2022 Inflation Reduction Act do? Q.What did the 2022 Inflation Reduction Act do? A.After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large corporations and investors, established several tax incentives aimed at addressing climate change, and increased the IRS’s budget to improve tax compliance and enforcement. Read more about What did the 2022 Inflation Reduction Act do?