The Internal Revenue Service’s new commissioner promises that with billions in new funding, the agency will be faster, more service-focused and tech- savvy and will provide “real-world improvements” to taxpayers
The IRS has set some ground rules to tax digital assets such as Bitcoin, but questions remain about what to do for NFTs, lending and more.He pledged before senators not to expand tax audits on businesses and households making less than $400,000 per year, as he faced rounds of questions before the Senate Finance Committee on how he would spend the agency’s big new infusion of money. He drew praise for being willing to leave a private consulting job to take on the top job at the troubled agency.
Treasury Secretary Janet L. Yellen, who presided over Werfel’s swearing in, said in a speech to IRS and Treasury employees that he will be tasked with “dramatically improving taxpayer service and ensuring that large corporations and the wealthy pay the taxes they owe.”
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