The IRS is planning to expand its workforce to increase revenues, but it’s not related to student debt forgiveness. The federal government won’t tax the forgiven debt under a White House plan.
By Sara Swann • August 8, 2022
It originated in a 2021 Treasury Department assessment of what the IRS would do with $80 billion in funding over 10 years. But the report did not say that the new hires would all be agents working in enforcement, and some of the money would go toward modernizing technology and offering taxpayer services.
While the Treasury is expected to make new hires, it is still finalizing how it will allocate the newly approved funds.
The IRS plans to increase its workforce, but over 10 years, not all at once. Many of the new hires are expected to come onboard as 50,000 current IRS workers retire. And forgiven student loan debt will not be taxed federally, though it might be subject to state taxes in some places.
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