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Stock futures are little changed as traders assess political risks, await big earnings: Live updates CNBCDollar sinks to 4-month low and gold soars past $5,000 as yen leaps Financial TimesStock Market Today: Dow Wavers On Trump Tariff News; Tesla Shares Take A Dip Ahead Of Earnings (Live Coverage) Investor's Business DailyDollar Hits Four-Month Low as Gold Tops $5,000: Markets Wrap Bloomberg.com
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Minnesota CEOs issue joint letter urging de-escalation in Minnesota after shooting AP NewsTarget, other Minnesota-based CEOs call for calm after latest shooting AxiosWhy Minnesota's CEOs finally broke their silence CNNBusiness Leaders Face a Test in Minneapolis The New York TimesMinnesota teams, NBPA join calls for peace in wake of shootings ESPN
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Rare Earth Stocks Jump On Trump Stake In USA Rare Earth Investor's Business DailyUSA Rare Earth shares jump 20% as Commerce Department takes equity stake CNBCTrump supports U.S. rare earth firm in move to ease China stranglehold AxiosUSA Rare Earth Enters Pact for $1.6 Billion of Federal Funds The Wall Street Journal
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More than 60 Minnesota business leaders, including Fiddelke, signed a letter on Sunday calling for an "immediate deescalation of tensions."
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There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
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Sweden has recalled its ambassador to China and opened an internal investigation into her role in arranging a meeting where Chinese businessmen allegedly threatened the daughter of a detained Swedish bookseller, Sweden's Foreign Ministry said Thursday.
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