Larry Gibbs Quoted Regarding IRS Budget Reductions in BNA Transfer Pricing Report

"Cutbacks Forcing IRS to Dial Back Services, Shift Priorities, as Taxpayers Brace for BEPS"
BNA Transfer Pricing Report
01.20.15Larry Gibbs was quoted regarding Internal Revenue Service (IRS) budget cuts in 2015, bringing funding down to the lowest level in eight years. Tax practitioners say they have not seen the IRS stretched as thin as it is now. "In 53 years, I've never seen anything like what is happening to our tax system over the last three of four years," Gibbs said. IRS Commissioner John Koskinen warned tax professionals to expect diminished services during filing season and possible shutdowns later this year. "We're now to the point where there is going to be less of everything. Less in the way to taxpayer services, less in the way of taxpayer compliance and enforcement simply because the bodies are not there. There are no more rabbits left in the hat," Gibbs added.
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