IRS Funding Accountability Act
12/15/2023, 4:05 PMSummary of Bill S 338
Bill 118 s 338, also known as the IRS Funding Accountability Act, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to increase transparency and accountability in the funding of the Internal Revenue Service (IRS).The bill requires the IRS to provide detailed reports on how they are using their funding, including information on expenditures, salaries, and any other financial transactions. This information will be made available to the public on the IRS website, allowing taxpayers to see exactly how their money is being spent.
Additionally, the bill requires the IRS to undergo regular audits by an independent third party to ensure that they are using their funding in a responsible and efficient manner. This will help to prevent any misuse of taxpayer dollars and increase trust in the IRS as an institution. Overall, the IRS Funding Accountability Act aims to promote transparency and accountability within the IRS, ensuring that taxpayer dollars are being used effectively and responsibly.
Congressional Summary of S 338
IRS Funding Accountability Act
This bill delays for a 60-day period funding for the Internal Revenue Service (IRS) enforcement activities enacted by the Inflation Reduction Act of 2022 (except for eliminating return processing backlogs and reducing call wait times) until an annual spending plan for such activities is submitted to the congressional tax and appropriation committees. Congress may enact a joint resolution of disapproval of the spending plan before the end of the 60-day period requiring the IRS to submit a new spending plan.
The IRS and the Department of the Treasury must make quarterly reports to the committees on expenditures for enforcement activities. The bill requires reductions in IRS appropriations for any failure to submit required reports.
