Executive Leadership Briefing

IRS to hire 10,000 employees to address tax backlog - March 7, 2022


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U.S. and European allies are considering banning Russian oil and gas imports, garnering support from U.S. officials despite inflation concerns. The U.S. House is exploring legislative options to isolate Russia, House Speaker Nancy Pelosi said Sunday. U.S. equity futures fell nearly 300 points as gas prices climbed over $4 a gallon, approaching a record set in 2008.
A group of truck drivers encircled Washington, D.C., via the beltway Sunday to protest COVID-19 mandates, deliberately moving slowly to impact traffic. The Capitol Police Board issued an emergency declaration warning that highways, bridges and roadways could be shuttered as the protest could last several days. An organizer said that the group plans to take up two lanes in its Monday loop as an “escalation.”
The Internal Revenue Service plans to hire 10,000 employees to address its backlog of 24 million tax returns, the majority of which linger from the 2020 tax season. Despite a projected 14% increase in the IRS workforce, the backlog will likely remain unresolved until the end of 2022.
President Joe Biden reiterated his position Friday that most Americans can safely remove masks and return to work as hospitalizations rates fell by 77% and three-quarters of American adults are now fully vaccinated. The Biden administration announced last week that federal agencies will “lead by example” with most federal employees set to return to the office in April.
Airbnb rentals have emerged as an unlikely tool to financially support Ukrainian families as the housing rental site waived fees on properties in the country. Between March 2-3, guests from around the world booked more than 61,000 nights in Ukraine, with more than half of those bookings made by Americans. Airbnb itself also offered short-term housing for free to up to 100,000 people fleeing Ukraine.
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Executive Leadership BriefingBy Turbine Labs