The IRS plans to hire 3,700 employees to help fuel its efforts to target large corporations and complex partnerships.
Democrats’ Inflation Reduction Act set aside tens of billions of dollars to allow the IRS to intensify its enforcement of tax cheats. The Friday announcement followed agency news last week that it would open examinations for 75 of the largest US partnerships by the end of September.
The new positions, which will be open in more than 250 locations, will help ramp up the IRS compliance efforts against high-income earners, partnerships, large corporations, and promoters, the IRS said in a press release.
“This next wave of hiring will help the IRS add key talent like tax accountants to help reverse a decade-long decline of audits for the wealthy as well as complex partnerships and corporations,” IRS commissioner Danny Werfel said in the release.
The agency is looking for specialized technical positions that focus on audits, the release said.
In August, Werfel said the IRS was approaching its milestone of increasing its workforce to 90,000 full-time equivalent employees as it battles hiring new employees and attrition.
The recent hiring announcement comes at a time where Werfel is pressing Congress to not make future budget cuts as Republican lawmakers threaten to cut the IRS the agency’s annual appropriation.
A trustee says it has no record of the investor now suing it for $50 million
Legislation seeks to loosen access to private markets to include professional advice from RIAs and broker-dealers, not just income or net worth.
"I just feel like I can get a lot further [by] opening a 529 account," said one respondent to the BabyCenter survey on Trump accounts.
New ICI research shows these retirement savers pay expense ratios nearly matching industrywide averages, extending years of fee declines
UBS data show American net worth is shifting from property to cash and funds faster than in seven other wealthy nations.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.