Treasury Plans IRS Revamp

THE DAILY FED

Treasury Plans IRS Revamp

The Treasury Department will announce today that it will tighten its reins on the Internal Revenue Service, which is receiving heavy criticism for mismanagement of $4 billion in technology investment, The Los Angeles Times reported today.

The Clinton Administration plans to create an oversight board comprised of Treasury officials, tax professionals, and business executives, in addition to giving the IRS more flexibility to hire and transfer its senior executives.