by Gene Marks on (#649NQ)
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 panicThe 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.” Continue reading...