Episode: Overcoming Obstacles: Modernizing the IRS Infrastructure

Charles Read, a seasoned certified public accountant with extensive experience in various sectors, offers a critical perspective on the current state of IRS budget allocation. With a looming personnel crisis as many agents near retirement and the agency's reliance on outdated technology, Read underscores the urgent need for increased funding to modernize and improve efficiency. However, he cautions that while the IRS is set to receive a substantial budget over the next decade, the benefits of these investments will take time to manifest, particularly in training new agents. Read advocates for a balanced approach to tax policy, emphasizing fair contributions and the importance of strategic adaptation to global economic changes. Here’s what to expect this episode: The IRS is facing challenges like budget constraints and potential brain drain due to retirement eligibility of 40% of civil servants in the next two years. Investment in rebuilding infrastructure, technology, and human resources at the IRS will not have immediate effects. Outdated technology and ineffective communication between silos hinder IRS's data integration and lead to operational inefficiencies. Fair share taxes and $85-86 billion budget over the next 10 years are important for IRS operations and efficiency. Globalization affects tax policies, and companies take advantage of different tax rates across countries. Effective strategies for wealth transition, retirement planning, and mitigating taxes are crucial, including charitable contributions and estate planning. Individuals who haven't filed taxes in many years should approach the IRS to make necessary arrangements and file past returns to avoid potential issues. Connect with Charles Read: https://www.linkedin.com/in/charles-j-read-cpa/ Connect with David T. Yu: https://www.dtywealthplanningsolutions.com/  Learn more about your ad choices. Visit megaphone.fm/adchoices