Blog: Measure eyes IRS oversight, strengthened accountability – Financial Regulation News – Financial Regulation News

U.S. Sens. John Thune (R-SD) and Chuck Grassley (R-Iowa) have joined 13 colleagues in introducing the IRS Funding Accountability Act, which would provide Congress input regarding Internal Revenue Service oversight and transparency.

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The legislative effort is in response to the Inflation Reduction Act’s (IRA) infusion of $80 billion in new funding to the IRS.

“The Democrats’ attempt to supersize the IRS without holding the agency accountable to Congress and American taxpayers is dangerous and irresponsible,” said Thune, ranking member of the Subcommittee on Taxation and Internal Revenue Service (IRS) Oversight.
“This legislation would provide much-needed oversight of the unprecedented $80 billion in new funding to the agency, more than half of which Democrats have directed toward enforcement-related measures, including audits.”

Per the legislation, the IRS would be required to provide Congress with an annual plan for how the agency intends to use the IRA funds while also requiring quarterly updates from the IRS and Department of the Treasury as a means of providing a consistent and transparent evaluation of the plans; misuse of funds accountability; and initiatives to guard against taxpayer rights violations.

“Government, especially when it comes to the treatment of taxpayers, needs to be accountable and transparent to the American people,” said Grassley, former chairman of the Senate Finance Committee and a current member of the Subcommittee on Taxation and IRS Oversight.
“When Democrats’ partisan spending bill gave the IRS an extra 80 billion dollars, their legislation included no oversight mechanisms whatsoever. Our bill will ensure that the IRS is answerable to the American people in how it uses this money and will force it to forfeit funds every day it’s not in compliance.”

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