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Biden is hiring 87,000 new IRS agents — and they're coming for you

Published 08/19/2022, 09:03 AM
Updated 08/21/2022, 11:20 AM
Biden is hiring 87,000 new IRS agents — and they're coming for you

The Inflation Reduction Act, signed into law this month by President Joe Biden, empowers the IRS with nearly $80 billion in new funds. The world’s most powerful tax collection agency is using the money to go on a hiring spree to fuel much tougher enforcement efforts.

It is widely assumed that the audits will be brutal and widespread. Taxes start with tax returns, which must be signed under penalties of perjury. The Biden administration has said that the audits on steroids are for fat cats who have escaped having to pay their fair share for too long. The administration has suggested the IRS would perform no new audits on anyone making less than $400,000 annually. Republicans tried to include that in the law, but every Senate Democrat voted against the amendment, as well as IRS audit protection for those earning less than $400,000.

Robert W. Wood is a tax attorney representing clients worldwide from his offices at Wood LLP in San Francisco. He handles a broad range of tax planning and tax controversies and has served as an expert witness on cases including tax matters in civil cases, class actions, and disputes over independent contractor or employee classifications. He formerly served as an instructor at the University of California's Hastings College of the Law.

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