The Internal Revenue Service’s (IRS) new strategic plan for the years 2022–2026 (referred to as the “Strategic Plan”) has four key goals, which are as follows:
The experience of being a taxpayer ought to be enhanced through the provision of services that are of high quality and are easily available.
Enforce the tax law in a way that is both fair and effective to raise the level of voluntary tax compliance and decrease the tax gap.
Keep a workforce that is varied and well-trained, and strengthen links with external partners as much as possible.
By making its operations more resilient, nimble, and responsive, the Internal Revenue Service (IRS) can improve the experience of taxpayers and bring in more revenue.
In his inaugural remarks, IRS Commissioner Chuck Rettig said that “we also continued to make considerable progress in our compliance efforts,” with a special focus on abusive tax shelters such as syndicated conservation easements and micro captive insurance arrangements. Rettig said this about the agency’s efforts to combat abusive tax shelters.
The Internal Revenue Service (IRS) wants to increase its efforts to collect unpaid taxes by implementing an effective deterrent and expanding its enforcement capabilities, as outlined in the strategic plan.
This is being done with an eye toward those taxpayers who, according to the study, “make up a disproportionate amount of the outstanding taxes.”
Employees have access to the complete history of taxpayers as well as other tools for avoiding and correcting noncompliance, and this access is provided by enterprise case management.
The Internal Revenue Service has stated that one of its goals is to decrease the amount of time it takes for taxpayers to address compliance issues.
The Internal Revenue Service (IRS) wants to increase public confidence in the agency by being transparent about the criminal and civil enforcement actions it takes.
In addition, the Internal Revenue Service (IRS) emphasises that it is increasing its efforts to identify and prevent fraudulent activity.
The Internal Revenue Service (IRS) Office of Fraud Enforcement is in the process of developing a new Virtual Currency Learning Academy that will be available to all IRS employees, from beginners to experts, and will include training on cryptocurrencies, and blockchain tracing, anti-money laundering compliance, and Altcoins.
According to the New York Times, the workloads of the Internal Revenue Service (IRS) have expanded while resources to fight criminal fraud have diminished.
According to the Internal Revenue Service (IRS), the agency is required to remain current with new advances in tax law, make investments in analytical tools to enable it to more effectively choose cases, and maintain institutional knowledge of ways that are effective in combating tax evasion.
According to the Strategic Plan of the Internal Revenue Service (IRS), the agency is still having trouble overcoming challenges such as a shortage of funding, a decreasing staff, and difficulty attracting new employees.
In reaction to this, the Internal Revenue Service will extend choices for digital filing and online accounts.
In addition, the Internal Revenue Service (IRS) plans to develop a Multilingual Strategy to produce new publications in a variety of languages to improve its level of service to worldwide taxpayers.
In addition to these goals, procedures for social media will be enhanced, and the data of taxpayers will be protected.
The ageing workforce of the IRS and its high turnover rates are both topics that are discussed in the Strategic Plan.
As a response to this, the Internal Revenue Service (IRS) is putting into effect a Comprehensive Training Strategy.
The Internal Revenue Service (IRS) intends to, as the last step, reorganise operations, upgrade and modernise technology, expedite efforts to modernise cybersecurity and reduce paper volume by making more efficient use of digital data.
If it is provided with “stable multi-year financing,” the new IRS will be in a better position to fulfil its mission and “will adopt an innovative approach to the future of tax administration to better serve all taxpayers,” as stated by Commissioner Rettig.
This will allow the IRS to better serve all taxpayers.
Read More:-
- Doesn’t Sound Like a Recession’: Even though the Economy is Contracting 2, Vice President Biden is Optimistic.
- The Chairman of the Committee That is Preparing the Report on the National Guard Said on January 6.
- A ‘technical Recession’ Has Set in Across the United States. But Why is There a Rally in Dalal Street?
According to the Strategic Plan, it is anticipated that the Internal Revenue Service (IRS) will collect a total of $4.1 trillion in tax revenue for the Fiscal Year 2021, including $75 billion in revenue from enforcement.
According to the Internal Revenue Service (IRS), which processed 269,000,000 federal tax returns in 2020, a total of 492,000,000 dollars’ worth of economic assistance payments were distributed in the years 2020 and 2021.
As a matter of practicality, adding more employees and making technological advancements may undoubtedly improve the experience of being a taxpayer and speed up the process of audit resolution.
However, it is not obvious if the additional workers will be used to alleviate an agency that is already congested or to strengthen audits and compliance, particularly with affluent persons and corporations.
