The tax man is receiving $80bn – but US small businesses shouldn’t worry | Gene Marks

Will your small business face greater scrutiny from the IRS? Will your tax bill go up as a result? The answer to both questions: don't panic

The tax man is receiving a whopping $80bn thanks to the Biden administration's recently passed Inflation Reduction Act. Some people are losing it.

It's a middle finger to the American public," says Florida's governor, Ron DeSantis. Small business will be the first to suffer, Joe Hinchman, executive vice-president at the National Taxpayers Union Foundation, told the New York Post. The IRS [Internal Revenue Service] will have to target small and medium businesses because they won't fight back," he said. We've seen this play out before ... the IRS says, We're going after the rich' but when you're trying to raise that much money, the rich can only get you so far."