The IRS estimates that it loses out on about $1 trillion in tax revenue every year because of tax evasion. Last month, President Biden signed into law the Inflation Reduction Act, a climate, energy, and healthcare bill that also includes increased funding to the IRS to improve the agency’s ability to enforce tax laws as a means of paying for the legislation.
To dive deeper into the topic, check out this Prolegis Briefing:
- https://www.prolegis.com/briefings/irs-funding-and-tax-evasion-background-and-proposals
Sign up for a free Prolegis account here: https://hubs.la/Q01jLDTL0
