Gee who would have ever imagined anything like this ever, ever happening? Small business owners may soon be in for a lengthy and expensive battle with the IRS, tax experts warn.
A key provision in the Inflation Reduction Act — which throws an extra $80 billion to the IRS to improve the agency’s collection of under-reported income — will end up targeting small business owners to pay for the legislation, according to nonpartisan watchdog the Joint Committee on Taxation.
The group estimates that between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from small […]
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