All eyes are on the IRS in 2023, as the cash-strapped agency is finally getting an $80 billion infusion, with potential big implications for the tax world.
Bolstered by the additional multiyear funding in the Inflation Reduction Act, the agency plans to upgrade its outdated systems, staff up, and take bolder steps toward enforcement, aiming largely at big companies and high-wealth taxpayers.
Bloomberg Tax reporter Jeff Leon talks about the prospects with Niles Elber, a tax professional at Caplin & Drysdale who has been following the developments closely. The IRS has a tall order, Elber says. He talks about how the agency might deploy the funds, and the biggest areas of need, from hiring to enforcement.
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