While the Agency has big plans for the coming years, Yellen touted a handful of smaller but still ambitious changes that will be implemented in the next filing season. The IRS expects to triple the amount of taxpayers who are assisted in-person support centers, ensure that nearly 80% of callers reach an employee (a jump from around 15%), and enable taxpayers to receive and respond to notices online.
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President Joe Biden nominated world-renown bull Jerome Powell to a second term as Chair of the Federal Reserve. Despite recent criticisms of the lack of inflation control, he has done a stellar job protecting the financial system and the economy.
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Janet Yellen’s G-20 letter served as an urgent call for a multilateral effort to tackle key issues. The primary focus was to call on countries to act quickly on COVID-19, stating that a global vaccination effort is the strongest stimulus the global economy could receive. She also suggested that the IMF allocate SDRs to enhance liquidity for low-income countries.
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