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

Photo caption: ‘There’s also something that many of us don’t like to admit: audits are actually a good thing.’ Photo credit: Andrew Kelly / Reuters. Article by Gene Marks. The Guardian – October 2, 2022.

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. […]

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