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The IRS has come under fire in recent weeks following the passage of the Inflation Reduction Act, which includes $80 billion in funding for the agency over the next 10 years, leading to claims the IRS will use these funds to pursue middle-class taxpayers. Not so, according to JK Aier, senior associate dean of academic affairs and global engagement, in an interview with Accounting Today.

The Inflation Reduction Act of 2022 will provide almost $80 billion to the Internal Revenue Service during the next 10 years to support a variety of expanded functions, including technology updates and administrative improvements that should make it easier for tax professionals and individual taxpayers to communicate with the IRS, according to accounting instructor Kevin Matthews in Accounting Today.

The Inflation Reduction Act includes increased IRS funding, which will eventually lead to more audits. But that's not necessarily a bad thing according to JK Aier, senior associate dean of academic affairs and global engagement, to Bloomberg. “Enforcement is always seen as ‘the taxman is coming for you,’ but it doesn’t necessarily need to have a negative connotation.” 

The Inflation Reduction Act includes a new minimum tax on the book income of corporations that earn over $1 billion in revenue, along with a tax on stock buybacks. These provisions are likely to change the tax planning used by the largest companies and their accounting firms. Accounting instructor Kevin Matthews spoke to Accounting Today about what these corporations may do. 

The Inflation Reduction Act includes an extra $80 billion in funding for the Internal Revenue Service over the next 10 years. Accounting instructor Kevin Matthews spoke to Accounting Today about why he believes this funding will be used to improve customer service for taxpayers as well as professionals.

Jason Howell, an adjunct finance and accounting professor, was interviewed by Government Executive on Financial Literacy Month and how increase your financial literacy in Government Executive.

MS in Accounting Director Kevin Jones was interviewed by Accountability Talks with AGA on how important it is to continue your education post college.

Kevin Matthews, accounting instructor, was interviewed by Business Insider on excise taxes.

Accounting Instructor Kevin Matthews was interviewed by MoneyGeek on when it's best to use online software vs hiring an accountant to help with taxes.

Accounting Instructor Kevin Matthews was interviewed by Forbes on how to file a tax extension with the IRS.