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Regulation and Compliance > Federal Regulation > IRS

SEC, IRS Get Budget Boosts

By Melanie Waddell

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SEC headquarters in Washington SEC headquarters in Washington. (Photo: Diego Radzinschi/ALM)

The Securities and Exchange Commission was allotted $1.92 billion for its 2021 budget on Wednesday, an increase of $105 million above the fiscal 2020 enacted level.

The increase, approved in the House Appropriations Committee’s Financial Services and General Government bill, will go toward SEC salaries and expenses. The bill also provides funding for move costs related to the SEC’s headquarters and San Francisco regional offices.

The bill also includes $12.1 billion for the Internal Revenue Service, an increase of $606.4 million above the FY 2020 enacted level.

Of this amount, the bill includes:

  • $2.6 billion, an increase of $91 million above the fiscal 2020 enacted level, for taxpayer services. This total includes growth for the Volunteer Income Tax Assistance Matching Grants Program, Low Income Taxpayer Clinic, and the Taxpayer Advocate as well as continued support for Tax Counseling for the Elderly.
  • $5.2 billion, an increase of $196 million above the fiscal 2020 enacted level, for enforcement.
  • $4.1 billion, an increase of $249 million above the fiscal 2020 enacted level, for operations support.
  • $250 million, an increase of $70 million above the fiscal 2020 enacted level, for business systems modernization.

— Related on ThinkAdvisor:

Melanie Waddell

@Think_MelanieW

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