The Effect of the Inflation Reduction Act to Taxpayers
President Joe Biden signed the Inflation Reduction Act of 2022 into law on Aug. 16.
One of the acts is "IRS tax enforcement." Due to the IRS has been sounding the alarm about insufficient fund for years, the U.S. government will increase $80 billion budget to the IRS over the next 10 years.
The half of increased budget will be used for promoting IRS tax return system. It will provide filing assistance for taxpayers to facilitate the quality of service. The other half will be used for strengthening IRS law enforcement activities, such as hiring more officers to audit owed tax, and providing legal and litigation support for taxpayers.
USCPA Sophie Luo (羅霞) reminds you that if you didn’t file U.S. tax return before, you may face financial penalties when IRS reached out to you. But don’t worry, IRS provides the Streamlined Filing Procedures to encourage non-willfully delinquent taxpayers to become voluntarily tax compliant and there will be no penalties.
Read more: What Should I Do if I Didnt File US Taxes Before?
If you have tax filing needs or any other help,
please contact us at the USCPA Sophie Luo (羅霞) +886 980919600
or Email: ustaxproservice@gmail.com
Also welcome to visit our website: https://www.ustaxproservice.com
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