Tags: Trump Tax Reform | tax | bill | tax reform | irs | workload

Tax Bill Would Mean Massive New Workload for IRS

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By    |   Tuesday, 19 December 2017 10:28 AM

The Internal Revenue Service will be hit with a massive new workload if the Republican tax bill becomes law, the Washington Examiner is reporting.

IRS officials would have to quickly start changing the withholding tables as it prepares for the tax rates changing on Jan. 1. And years of losing funding and personnel already have forced the agency to struggle to meet its existing responsibilities, according to the Examiner.

And this comes as lawmakers already are looking at the possibility of major reforms at the IRS next year. But Rep. Kevin Brady, R-Texas, chairman of the House Way and Means Committee, is planning to meet with acting IRS Commissioner David Kautter to discuss how to implement the new tax legislation.

"What are the needs?" he said. "We’ll start from there. And then: Are (funds for implementation) available if they set the priority within their own agency and budget?

Under the bill, corporations would receive a 20 percent deduction on their earnings, the Examiner said. When combined with a new top individual rate of 37 percent, it would mean that pass-through businesses effectively will face a top rate of 29.6 percent, the Examiner reported.

But the IRS has no experience administering a provision like this, according to the website.

The overall task of implementing the entire tax package is monumental, according to The New York Times.

And the newspaper noted that even while processing tens of million in tax returns for 2017, the agency will need to decide how to interpret the new system and put it into place.

"Beware," said John Koskinen, who retired last month as IRS commissioner. "If the budget keeps being cut and the agency keeps being given more things to do, the IRS is simply not going to work."

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The Internal Revenue Service will be hit with a massive new workload if the Republican tax bill becomes law, the Washington Examiner is reporting.
tax, bill, tax reform, irs, workload
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2017-28-19
Tuesday, 19 December 2017 10:28 AM
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