The Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022, or IRA 2022, was signed into law on August 16th, carrying significant implications for healthcare, the budget, and the environment. The IRA also includes $80 billion in additional IRS funding to enhance services and improve taxpayer compliance over the next 10 years.

The bill provides nearly $3.2 billion for taxpayer services, such as pre-filing assistance and education, filing and account services, taxpayer advocacy services, and more.

$45.7 billion has been allocated to bolster enforcement activities necessary to combat violations of internal revenue laws.

Approximately $25.3 billion has been set aside to pay for expenses to support taxpayer services and operations support, such as facilities services, printing and postage, security, telecommunications, research, and more.

$4.75 billion will go towards modernizing the IRS’s business systems, including the development of call-back technology geared towards improving and personalizing the agency’s customer service, while $15 billion will be used to design, develop, and launch an IRS-run free direct e-file tax return system.

For more information on how the IRA 2022 will affect how you or your business file your taxes, contact the professionals at The Law Office of Mary E. King, P.L. by calling 941-906-7585 or visit taxlawyerflorida.com.