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Bipartisan housing bill automatically becomes law after Trump refuses to sign it CBS NewsSweeping housing affordability bill becomes law, despite Trump's delay. Here's what it actually means for the housing market CNNTrump undercuts GOP midterms message with snub of housing bill FortuneLandmark US housing legislation becomes law despite Trump protest BBCTrump denies this Congress what could be its last major bill-signing ceremony The Washington Post
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US and Iran exchange strikes as Tehran again says strait of Hormuz is closed The GuardianIran war live: IRGC declares Strait of Hormuz closed over US interference Al JazeeraIran privately told Trump advisers "they made a mistake" in shooting at ships in Strait of Hormuz CBS NewsIran's IRGC nav
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Iran closes Strait of Hormuz, US launches fresh strikes dw.comUS and Iran exchange strikes as Tehran again says strait of Hormuz is closed The GuardianIran privately told Trump advisers "they made a mistake" in shooting at ships in Strait of Hormuz CBS NewsIran war updates: IRGC navy declares Strait of Hormuz closed Al Jazeera
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Landmark US housing legislation becomes law despite Trump protest BBCSweeping housing affordability bill becomes law, despite Trump's delay. Here's what it actually means for the housing market CNNTrump Undercuts GOP Midterms Message With Snub of Housing Bill Bloomberg.comTrump denies this Congress what could be its last major bill-signing ceremony The Washington Post
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Kevin Warsh will testify before Congress for the first time as Fed chair this week. Lawmakers will want answers.
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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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