Summary
The IRS anticipates a $500 billion revenue loss as taxpayers increasingly skip filings following cuts from Elon Musk under Trump.
The IRS, set to downsize by 20% by May 15, has seen increased online chatter about avoiding taxes, with individuals betting auditors won’t scrutinize accounts.
Experts warned that workforce reductions could cripple the agency’s efficiency.
Treasury officials predict a 10% drop in tax receipts compared to 2024.
Former IRS commissioners have criticized the cuts, warning of dysfunction and reduced collection capacity.
Enter Taxt Accountant, Know it all AI…Mr. Smith, it says here you sold …
Gifted…
Sold your old Nissan Sentra for a song. Can you please sing that song for us in the mike?
No. I can’t sing. That’s why I gifted it for a song