The IRS did meet the deadline set by US Treasury Secretary, Janet Yellen to submit its approximately $80 billion spending plan.
The approximate $80 billion spending plan is the congressional budget for 10 years as part of the Inflation Reduction Act of 2022, P.L. 117-169.
Last August 17, 2022, US Treasury Secretary Janet Yellen sent a letter to Deputy Treasury Secretary Wally Adeyemo. The letter contains the message of Yelen giving them six months to submit a detailed six-month operational plan detailing the $80 billion spending plan over the course of the next decade, New York Times reported. She directed that she should receive the plan in six months or by February 17, 2023.
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According to a published article in the Tax Adviser, IRS spokesman Eric Smith said in an email to the JofA on Thursday afternoon, that the agency has been busy working to prepare the Strategic Operating Plan, and the plan is expected to be delivered to the Treasury Secretary in the coming weeks. This only means they failed to deliver the $80 billion spending plan on time.
Yellen told the IRS to work closely with the Deputy Secretary to come up with different operational initiatives and timelines to improve services to taxpayers, modernize technology, and pursue tax evasion to those who do not pay tax bills to increase equity in the system of tax administration.
The news about the failure to deliver the $80 billion spending plan on time reached the new IRS Commissioner, Daniel Werfel in his confirmation hearing held Wednesday. Werfel was nominated by President Joe Biden to be the new IRS commissioner. He said during the Senate Finance Committee hearing that the committee and the public would be able to connect the dollars from the IRA to the activities and investments in the plan. He also promised to restore trust in the troubled agency according to ABC News.
