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.
Yea, my wife wants to wait and I’m like, why? We’re just screwing ourselves. Assuming the IRS even processes refunds at this point.
I have to pay as taxes are not taken out of my pay regularly. But, I am still paying it because I don’t want to get audited in 5 years and they be like you need to pay it plus interest.
If you’re owed money, take it, then adjust your shit at work so that doesn’t happen anymore. I owe money because of contract work I did so I’m filing for an extension and see how it shakes out.