What technology does the IRS use? Q.What technology does the IRS use? A.The IRS’s computer systems and data analytics have not kept up with technological advances despite decades of modernization initiatives. The Inflation Reduction Act provides the IRS with a new source of funding dedicated to business systems modernization. Read more about What technology does the IRS use?
What did the 2022 Inflation Reduction Act do? Q.What did the 2022 Inflation Reduction Act do? A.After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large corporations and investors, established several tax incentives aimed at addressing climate change, and increased the IRS’s budget to improve tax compliance and enforcement. Read more about What did the 2022 Inflation Reduction Act do?
How did the Tax Cuts and Jobs Act change business taxes? Q.How did the Tax Cuts and Jobs Act change business taxes? A.The Tax Cut and Jobs Act made significant changes to the corporate income tax and taxes on pass-through businesses. While the individual income tax provisions and pass-through provisions expire after 2025, many of the other business tax provisions are permanent. Read more about How did the Tax Cuts and Jobs Act change business taxes?