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Trump Says Americans Are Doing Great, Even as Views on the Economy Sour The New York TimesTrump has ‘fun' but fails to feel Americans' pain on prices CNNTrump's speech on combating inflation turns to grievances about immigrants from 'filthy' countries AP NewsTrump slams 'stupid people,' defends economic record in Pennsylvania rally USA TodayAt the first stop on his affordability tour, Trump mocks affordability
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Trump rails on affordability ‘hoax' and immigrants in rally-style speech The GuardianTrump slams 'stupid people,' defends economic record in Pennsylvania rally USA TodayTrump's speech on combating inflation turns to grievances about immigrants from 'filthy' countries AP NewsPresident Trump Remarks on the Economy C-SPANAt the first stop on his affordability tour, Trump mocks affordability
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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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