Dentons Federal Tax Controversy Insights: The IRS Triple Threat – What Nearly Doubling the IRS’s Enforcement Budget Could Mean

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Dentons Federal Tax Controversy Insights: The IRS Triple Threat – What Nearly Doubling the IRS’s Enforcement Budget Could Mean

Dentons Federal Tax Controversy Insights: The IRS Triple Threat – What Nearly Doubling the IRS’s Enforcement Budget Could Mean

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September 15, 2022

On August 16, 2022, President Biden signed the Inflation Reduction Act (the “Act”) into law. The IRS and Treasury are now left to issue guidance on the various provisions of the Act, which has historically been a years-long process. However, a key provision of the Inflation Reduction Act allocates an additional $80 billion to IRS funding which will immediately impact the IRS’s operational and enforcement activities.