The Great IRS Hiring Spree
The IRS is gearing up for a massive expansion with plans to add 87,000 new agents to the payroll. But don’t break out the party hats just yet; we won’t be feeling the effects of this influx for at least two to three years. Why? Because there’s a whole training curriculum that’s about as long as a Netflix series before they’re let loose on taxpayers.
The Audit Lottery: A Dangerous Game
In the future, playing the audit lottery won’t be your best strategy. It’s high time to start protecting your financial assets, especially if you’re venturing into the legal gray zones of finance like cryptocurrency staking or investing through decentralized autonomous organizations (DAOs). Trust me, when the audited newbies come knocking, you’ll wish you’d dotted all your i’s and crossed all your t’s, even if your tax planner was mutual fund-obsessed.
The Good, the Bad, and the Newly Hired
In my early career days, dealing with fresh IRS recruits was like explaining calculus to a goldfish. Most of them were so new, they would scribble down incorrect legal interpretations even after you laid it out in crayon. They were eager to establish a reputation as tough auditors, and boy did it show. But let’s not throw hate at the new recruits; the IRS is running on empty, barely able to handle the volume of calls they get. In 2021, out of 282 million calls, only 32 million were answered. Talk about a frustrating game of phone tag!
IRS: From Hiring Freeze to Agent Flood
Let’s rewind to 2011 when budget cuts resulted in a hiring freeze that made it harder than ever to contact a live agent. Fast forward to today, and while they’re planning to add over 100,000 agents, the practical implications still lead many to question their hiring standards. What good is a massive hire if the quality slides faster than a toddler on a slip-and-slide?
Reading the Tea Leaves: The Future of Audits
With a staggering number of IRS agents set to retire in coming years, what does this mean for the audit landscape? Surprise, surprise! Two out of three IRS agents will be freshly minted. Whether this influx leads to a tech-savvy, efficient team or an amateur hour is yet to be seen. Odds are, we’ll witness an increase in audits targeting businesses and individuals who’ve been bold with their reporting. Enjoy the thrill while it lasts!
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