Hey ,
It has been a year since the Inflation Reduction Act was signed, and I wanted to provide you with an update on the progress made so far.
The IRS said it made significant strides in delivering better service, upgrading technology, and ensuring tax compliance – thanks to the new funding courtesy of the Inflation Reduction Act.
The Paperless Processing Initiative has been a great success, with the IRS scanning 225 times more forms than in 2022. Taxpayers can now reply to 51 notices online
and access an online portal for Form 1099 series.
In addition, the IRS has expanded the availability of its customer callback feature to
cover up to 95% of callers seeking live assistance, reducing wait times and enhancing the taxpayer experience.
The new voice and
chatbots have been particularly helpful in assisting taxpayers with various issues such as account transcripts, balances due, and the Taxpayer Advocate Service.
The Downside…
However, while progress has been made, much work remains
to be done. Furthermore, The IRS’ need for more funding will cause the government to keep returning to you and me for more taxes.
A good
example is the recent proposal to tax unrealized capital gains tax. Yes, it sounds ludicrous!
There could be more shocking
proposals by the government to get your money through taxes, which requires that you and I keep working hard to strategize your taxes and pay less.
Call my office at 202-618-1297 if you have any burning tax issues or require me for additional services since I can provide you with bookkeeping, accounting, and tax services.
