Does $1.39 Billion Equal $21.39 Billion
The Debt Ceiling Bill likely to be passed soon has cuts to the IRS. Is it $1.39 billion or $20 billion more?
The Debt Ceiling Bill that should pass soon has a provision in Section 301 to cut IRS funding by $1.39 billion. However, it is our understanding that an additional $10 billion of funding will be cut from the IRS budget in 2024 and 2025 via reallocation.
This means that the IRS will not have the funds they originally projected for those years and it may delay implementing a lot more audits over the next few years. Also, if the Republicans get in control of the Senate, it is likely that even more cuts are coming.
We personally hope that the IRS uses their additional funding to upgrade their customer service and technology. I think we all agree they need that.
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