80% Of New IRS Revenue Will Come From Small Businesses Earning Under $200,000

September 19, 2022
80% Of New IRS Revenue Will Come From Small Businesses Earning Under $200,000

Here are some interesting direct quotes from the article :

Quote #1 : “The IRS will have to target small and medium businesses because they won’t fight back,” Joe Hinchman, executive vice president at National Taxpayers Union Foundation, told The Post.

Quote #2 : In fact, going after the lower and middle class can actually be more lucrative for IRS auditors than trying to get more money from the wealthy. “The rich have their lawyers and fight it — that’s why the poor are easier to go after,” Hinchman adds.

Quote #3 : Even if small business owners get everything right, they may still be faced with a headache since part of the IRS expansion will involve sending out more notices and letters to businesses, Bunn adds. For individual contractors or small businesses, an IRS letter that they owe more money or made an error on their taxes can put them underwater.

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Article Source : https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/