U.S. to lose $3 billion in revenue

The American government will lose nearly $3 billion in tax revenue as budget cuts force the IRS to scale back audits, reports Reuters.

Read: IRS snooping social media for info on tax cheats

This year’s federal budget cut 4%, or $526 million, from the IRS’ coffers.

As a result, the IRS will audit 100,000 fewer individuals in 2014, says revenue service head John Koskinen. He adds that includes rich people, businesses and partnerships.

Funding levels for the revenue service are at their lowest since 2008.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.