The Washington Post reports that, while President Biden’s plans rely heavily on teh IRS, the IRS is already struggling due to years of budget cuts among other issues. The article begins as follows:
As President Biden charts his coronavirus economic recovery agenda through the Internal Revenue Service, the nation’s tax collector will take on an expanded role as comptroller of the social safety net, delivering billions of dollars in stimulus payments to millions of American households.
Under the “American Rescue Plan,” the Biden administration plans to use the IRS to distribute a third round of economic impact payments to 84 percent of American households. The agency could also be tasked with executing a proposal to distribute $120 billion in child benefit payments every month.
But the mission threatens to stretch the agency between its primary role as the country’s chief revenue collector and its relatively new presence as the distributor of coronavirus relief.
The reliance on the IRS comes at a time when the agency is already underfunded and scrambling in pandemic working conditions.
To see the full article, click: Inside the IRS: The department is charged with the stimulus and tax season is barely hanging on – The Washington Post
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.