President Biden proposes giving the Internal Revenue Service (IRS) $80 billion more to spend on enforcement on high earners and big corporations. The plan would also give the IRS more authority for its audits over the next 10 years.
- The IRS operates at around $12 billion annually, so some are wondering if the agency can absorb this kind of funding, even though it would be distributed over five years, said former Acting Commissioner of the IRS Danny Werfel.
- Werfel said this is an exciting opportunity because the IRS has been underinvested for years, and he is confident it would use the money effectively.
- The IRS has the necessary talent but would need to start planning immediately to best use the cash infusion.
