I have read and watched a lot of commentary on the Inflation Reduction Act (ironically abbreviated IRA) recently signed into law. I was most interested in the $80 billion added to the IRS budget and the addition of 87,000 IRS employees — mostly agents — effectively doubling the number of IRS agents. Treasury Secretary Janet Yellen made the following statement: “Specifically, I direct that any additional resources – including any new personnel or auditors that are hired – shall not be used to increase the share of small business or households below the $400,000 threshold that are audited relative to …
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