The IRS is getting a lot more money for audits. Should you be worried?

Canada News News

The IRS is getting a lot more money for audits. Should you be worried?
Canada Latest News,Canada Headlines
  • 📰 latimes
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 82%

New infusion by Congress of $80 billion for the IRS will allow it to add thousands more auditors and customer service representatives.

Well, they’ve been trying. But there just aren’t enough of them. For years, Congress has been cutting back and underfunding the IRS.

It hasn’t helped that the agency has such outdated information technology systems that it sometimes uses a 1960s-era computer language for data processing and stores information on magnetic tapes in warehouses.And a lot of taxpayers, and not just those who file with paper forms instead of electronically, have to wait while their returns are hand-typed into the IRS system — with all the wasted time and opportunities for typing mistakes that entails.

Tax returns should get processed faster, too, meaning more people can expect to get refunds sooner. And, once new investigative technologies and asset-monitoring systems are in place, the IRS should be better able to identify the gaps and sharpen their audits.Experts say the tax gap — the difference between taxes owed to the government and what’s actually collected — is at least aroundJust how much can be found will depend on the IRS’ ability to hire many more skilled people.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

latimes /  🏆 11. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MSNBC’s Stephanie Ruhle slams Pelosi over stalled Congress stock trading ban | New York PostMSNBC’s Stephanie Ruhle slams Pelosi over stalled Congress stock trading ban | New York PostMSNBC anchor Stephanie Ruhle ripped House Speaker Nancy Pelosi on Monday night for slow-walking proposed legislation that would bar members of Congress from ...
Read more »

COVID update: Illinois reports 1,948 new cases, 0 new deathsCOVID update: Illinois reports 1,948 new cases, 0 new deathsIllinois reported 1,948 new COVID cases and 0 new deaths Monday.
Read more »

Jean-Luc Godard, the radical French New Wave writer-director who broke new ground, has diedJean-Luc Godard, the radical French New Wave writer-director who broke new ground, has diedJean-Luc Godard, the influential French New Wave writer-director who broke new ground in cinematic expression in the 1960s with films such as “Breathless,” “Contempt” and “Weekend” and continued to explore the language of film throughout his more than five-decade career, died.
Read more »

New CA law would new oil drilling in neighborhoods, create buffer zones around homes, schoolsNew CA law would new oil drilling in neighborhoods, create buffer zones around homes, schoolsA new law awaiting the governer's signature would ban new oil drilling in neighborhoods and create a buffer zone around homes, schools and other areas. John Ramos shows the impact on Contra Costa County.
Read more »

Field Hockey Top 20, Sept. 14: Two new faces, new No. 1 highlight early shuffleField Hockey Top 20, Sept. 14: Two new faces, new No. 1 highlight early shuffleA new team rises to No. 1 and two new squads join the fray in the first in-season Field Hockey Top 20 of 2022.
Read more »

New York approves new private school regulations as yeshivas face mounting scrutinyNew York approves new private school regulations as yeshivas face mounting scrutinyNEW: State education policymakers have approved new regulations requiring New York’s private schools give students a robust education, as allegations mount that some Hasidic yeshivas did not teach basic math, history, and English.
Read more »



Render Time: 2025-03-07 11:14:52