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Stellantis CEO sees opportunity in growing partnerships, bringing China-branded vehicles to North America CNBC
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The unofficial start of the summer travel season marks a major test for consumers and the economy. And the pressures on consumers caused by higher gas prices are about to get worse, experts say.
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American Doctor With Ebola Says He Is ‘Optimistic' for Recovery The New York TimesHow the Ebola outbreak affects Dulles: Travelers who left 3 African nations to land in Virginia NBC4 WashingtonDulles Airport becomes focus of US efforts to prevent spread of Ebola InsideNoVa.com
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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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