Larry Brant’s interview with Steve Mendelsohn, Senior Vice President of Global Tax and Accounting Market Development for Thomson Reuters, concerning the impact of the continued assault on the IRS budget was the subject of Mr. Mendelsohn's blog post on Inc.com, titled Believe It or Not, IRS Budget Cuts Hurt American Taxpayers.
Despite the severe cuts that the IRS has already endured in recent years – the Service’s budget was reduced by more than $1 billion between 2010 and 2015 – the budget slashing continues. The arrival of the Trump Administration casts more uncertainty about the future of IRS funding as the president has proposed to cut the IRS's already decimated budget even further in 2018.
Larry warns that additional slashing of IRS resources will create a colossal ripple effect, leading to increased non-compliance and decreased tax collections. The outcome will mean a plethora of issues for U.S. taxpayers, including poorer customer service from the IRS and a spike in identity theft.