WASHINGTON, D.C. (Erie News Now) – Legislation was introduced to hold the IRS accountable, strengthen oversight, and protect taxpayer money.
U.S. Representative Mike Kelly (Republican) introduced the IRS Funding Accountability Act.
The IRS Funding Accountability Act responds to the Inflation Reduction Act (IRA) that will infuse the IRS with $80 billion of new funding without any oversight measures.
The new Act would give congress a direct say in how this new funding could be spent, further hold the IRS accountable, and provide more transparency for the American people.
Additionally the legislation aims to:
- Require the IRS to provide Congress with an annual plan for how the agency intends to use the new IRA funds, which would be subject to a new joint resolution of disapproval.
- Require quarterly updates from the IRS and U.S. Department of the Treasury to enable consistent and transparent evaluation of the plans
- Provide accountability for any misuse of funds, and guard against violations of taxpayer rights. Failure to submit timely and thorough plans or reports would result in financial penalties, including IRA funds being rescinded on a daily basis until the IRS complies with the reporting requirements.
For more information on the IRS Funding Accountability Act, visit here.
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