IRS delays $600 reporting requirement

[69 Post Sedan]

I believe we are over thinking this….the main reason this was done was because the IRS is forecasting over 50,000 agents are going to retire within the next 5 years….these people will need training prior to this.

“Additionally, the IRS is expecting a large number of employees to leave in the next 10 years and will hire new staff to fill those roles. At least 50,000 staff members will leave or retire from the agency in the next five years alone, according to the Treasury Department.”

Also, to go after big corporations who are paying little to no taxes.

“New staff will be hired to improve taxpayer services and experienced auditors who can take on corporate and high-end tax evaders, without increasing audit rates relative to historical norms for people earning under $400,000 each year,” a spokesperson for the Treasury Department said.

These are just a couple sentences in the article. Please read the whole thing when possible.

In conclusion, we need to be diligent about this yet not overthink it either….IMO

Maybe I’m wrong….time will tell.

Kurt







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