IRS plans to use $80 billion new funds to hire 30,000 employees over two years

Per Reuters

The Internal Revenue Service has announced plans to expand its workforce by tapping into its $80 billion new funds budget. In two years, the agency plans to expand its workforce to 30,000 workers.

The $80 billion budget was directed toward the IRS' customer service and tax enforcement. Aside from adding staff, the agency plans to use its new funds to deploy new technologies within the same timeframe.

The IRS released the 148-page report called the Strategic Operating Plan that revealed the agency's hiring plans and other projects. Wally Adeyamo, the U.S. Deputy Treasury Secretary, gave a statement to reporters regarding the agency's plans.

Adeyamo: "The IRS is going to hire more data scientists than they ever have for enforcement purposes,"

The IRS plans to add 8,782 new enforcement staff for fiscal years 2023 and 2024. This would cost $8.64 billion out of the total budget. The agency also plans to add 5,000 new customer service staff, specifically in taxpayer service, in the next few months.

This would result in 13,883 new full-time staff. However, 12,000 current employees are expected to retire in the next two years.

Montana Republican Senator Steve Daines gave a statement regarding the plans of the IRS.

Daines: "(The IRS) plans to deploy an army of tens of thousands of IRS agents to increase audits on Montana families and reach into the pocketbooks of Americans."

Recently, the IRS released a new program that would help employers report the tips that employees made. The program was called the Service Industry Tip Compliance Agreement (SITCA) program, which was supposed to be a voluntary tip reporting program between the IRS and service industry employers.

Janet Yellen has recently told the IRS not to use its additional resources to increase the audit rates for American families that earned less than $400,000 per year.

See flow at unusualwhales.com/flow.

Other News:

Resources:

Reuters

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.