This is part of the Trump administration’s efforts to downsize the federal workforce through billionaire Elon Musk's Department of Government Efficiency (DOGE), according to a report by news agency AP.
HT.com cannot independently verify the authenticity of this information.
Also Read: Shark Tank's Vineeta Singh shares how a Mumbai fruit stall helped in her store’s success: ‘Sales exploded’
The plan is to lay off nearly all probationary employees who haven't yet gained civil service protection, according to the report.
Buyouts may also be offered through a “deferred resignation program” to quickly reduce the government workforce.
However, the report quoted John Koskinen, a former IRS commissioner as saying that a reduction in force of tens of thousands of employees would end up rendering the IRS “dysfunctional.”
Also Read: How will Trump's tariffs impacts US businesses, consumers? Experts explain
As of now, the IRS which is the federal tax collector employs roughly 90,000 workers total across the country.
Already about 7,000 probationary employees with roughly one year or less of service were laid off in February, the report read.
The Trump administration also plans to lend the workers to the Department of Homeland Security to assist with immigration enforcement as part of the ongoing immigration crackdown efforts.
Also Read: No tax on tips, overtime, social security payments: Trump outlines his plan for America
Agencies will also develop a report by March 13 on its reduction in force plans, though it is unclear if the White House will approve the IRS’ reorganization plan and also over what period of time it would be implemented, according to the report which cited a White House memo.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.