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Tech startup exec cuts $1.5 billion from IRS modernization budget Investing.com -- Sam Corcos, the CEO of health technology firm Levels, has canceled contracts worth approximately $1.5 billion from the Internal Revenue Service’s (IRS) technology modernization program. Corcos, who is also a member of President Donald Trump’s informal Department of Government Efficiency, made this announcement on Thursday. Corcos has been tasked by the Trump administration to review the IRS’s technology modernization program. In his review, he discovered legacy contracts with outside technology consultants that were worth tens of billions of dollars. These contracts were for a systems modernization effort that is reportedly decades behind schedule. Corcos revealed that the majority of the canceled contracts were projects that were adding to the complexity of the code base. He referred to this as a "death spiral." The annual modernization budget for the IRS is about $3.7 billion. This is separate from the $3.5 billion budget allocated for information technology systems. Corcos’s actions have resulted in a reduction of about $1.5 billion from the modernization budget. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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