As we all know the IRS received some money from this bill. I received another email from the IRS outlining their plans for the new money. Following is an important and interesting paragraph from the communication. As I have said many times, you should check out the IRS.gov website and request any informative emails that they can send you. This Statement can be researched at Click Here
The IRS will focus the Inflation Reduction Act enforcement resources on hiring the accountants, attorneys, engineers, economists and data scientists needed to pursue high-income and high-wealth individuals, complex partnerships, and large corporations that are not paying the taxes they owe. Given the increase in filing populations over time, the complex nature of the tax filings and the IRS’ inability to keep pace due to lack of resources, it makes sense to focus initial Inflation Reduction Act implementation efforts exclusively on increasing our capacity to assess compliance of high-income and high-wealth individuals, complex partnerships, and large corporations. The IRS has no plans to increase the audit rate for households making less than $400,000.