The IRS recently lost another $20 billion in funds allocated for key enforcement programs, and the consequences could be felt by taxpayers as soon as this year.
Lawmakers failed to unlock the funds during year-end budget negotiations before President Biden’s term concluded. The reserve is part of the original $80 billion monetary infusion the IRS received under the Inflation Reduction Act (IRA). That figure has since shrunk to about $59 billion due to budget cuts, and now even further.
