In a podcast published in Bloomberg Tax’s Daily Tax Report on December 19, 2024, Shareholder and Former IRS Commissioner Chuck Rettig discussed the significance of IRS funding and what the future of the IRS may look like with the new administration.
Rettig responded to a question about how quickly the IRS would feel the impacts if there were more funding cuts. “So, my personal belief is that the employees of the Internal Revenue Service are resilient and will deal with whatever the situation is. Americans want the best.”
“The tools and technology are somewhat in place, they’re not going to be where they could be, but they are much better today. And the ability for the IRS to discover areas of noncompliance today is radically different than where it was two years ago or ten years ago. So, I think that with the technology, if there’s less people in the workforce, they’ll see some capable examinations happen,” Rettig continued.
When asked about advice Rettig is giving to clients and other tax professionals, Rettig said, “The advice is the same. Have the taxpayer be prepared. A tax return is not an offer to negotiate.”
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