IRS Update!

If you weren’t already aware the IRS is about to go “beast mode” if the Schumer-Manchin bill were to pass. The bill includes $80 billion in new funding for the IRS, which is more than 6 times the current budget ($12.6 billion per year). The $80 billion will be additional funding that the IRS will receive over a time period of 9 years with speculation that it will generate over $200 billion in revenue. As result, there will be more audits, civil suits & criminal investigations that will target the middle & upper classes. A particular audit target will be “pass-throughs” including Subchapter S businesses that file under the individual tax code. Is it becoming more important to stay out of trouble with the IRS? ABSOLUTELY! Business owners work very hard for their business and most people will not have the time to STOP and deal with the IRS. So what do you need to do to stay out of trouble with the IRS? Need a tax diagnostic to analyze your risks? Call XQCPA today for more information! #IRS #Tax #Business #CPA