Transcript

Headlines: IRS Walks Back Promise to Stay Open During Shutdown · The Accounting Podcast

I'm Blake Oliver and this is The Accounting Podcast. The Internal Revenue Service is developing a contingency plan that may result in service cutbacks in the case of a government shutdown according to a report in Accounting Today. House Republicans have been struggling to advance appropriations bills before the September 30th deadline. There are concerns about a possible rebellion against Speaker Kevin McCarthy that could prevent a spending bill or continuing resolution from passing in time. The IRS had previously said it could remain open during a shutdown by using funds from the Inflation Reduction Act. But now the IRS says those funds can't be used to stay fully operational, according to exclusive reporting by Jory Heckman at Federal News Network. According to the National Treasury Employees Union, the IRS will have to partially close with some employees facing furloughs. This came as a surprise to IRS employees who expected to stay open. The IRS is now updating its contingency plan based on the limited ability to use Inflation Reduction Act funds. The union is urging Congress to avoid a shutdown and the pain that would cause employees. This has been a news update from the accounting podcast. I'm Blake Oliver. Thanks for listening.