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Lego posts record first-half revenue, CEO touts strong sales at high-end and value pricing CNBCLego sales rise as World Cup products draw new customers ReutersLego CEO Rules Out AI-Designed Toys as Record Growth Rolls On Bloomberg.comLego sales rise as World Cup and F1 ranges prove to be winners The Guardian
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UK bank last week secured regulatory approval for a new American office as part of expansion plans
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Gary residents turn to prayer as power outage stretches into third week WFYIGary, Indiana power outage update: Gov. Mike Braun seeks investigation into NIPSCO as storm damage recovery approaches 2nd week ABC7 Chicago'All we can do is pray.' Thousands without power nearly 2 weeks after Indiana storm USA TodayStorm-Hit Chicago Area's Anger Mounts After 13 Days of Darkness Bloomberg.com
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Situational Awareness, star AI hedge fund that nearly imploded, now being probed by the SEC TechCrunchSee more headlines & perspectives on Google News
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Companies have received tariff refunds. What about consumers? Some companies are providing refunds while others decline.
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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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