{"id":1932273,"date":"2023-05-17T03:25:19","date_gmt":"2023-05-17T07:25:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-audits-will-impact-small-midsize-businesses-expert-testifies\/"},"modified":"2023-05-17T03:27:58","modified_gmt":"2023-05-17T07:27:58","slug":"irs-audits-will-impact-small-midsize-businesses-expert-testifies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-audits-will-impact-small-midsize-businesses-expert-testifies\/","title":{"rendered":"Expert warns small and midsize businesses will be affected by IRS audits."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Firs-audits-will-impact-small-midsize-businesses-expert-testifies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1932273&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Truth About Biden&#8217;s Tax Audit Promises<\/h2>\n<p>The Biden administration has promised that households and businesses making less than $400,000 per year will not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-audits-will-impact-small-midsize-businesses-expert-testifies\/\" title=\"Expert warns small and midsize businesses will be affected by IRS audits.\">face expanded tax audits<\/a>. However, according to testimony before the Senate Finance Committee, this promise only applies to &#8220;total positive&#8221; income without losses.<\/p>\n<h3>What You Need to Know<\/h3>\n<ul>\n<li>The IRS plans to assess income without accounting for losses, which could impact small to midsize businesses with <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/todays-the-day-many-americans-will-get-1400-in-covid-19-relief-deposited-into-bank-accounts\/\" title=\"Today\u2019s The Day: Many Americans Will Get ,400 In COVID-19 Relief Deposited Into Bank Accounts\">adjusted gross income<\/a> under $400,000.<\/li>\n<li>The IRS was given $80 billion as part of the Inflation Reduction Act, which is roughly six times the agency&#8217;s 2022 budget.<\/li>\n<li>The IRS is not always correct in its enforcement actions, with a 48% success rate in tax court cases over the last five years.<\/li>\n<\/ul>\n<p>Even if an audit results in no additional taxes due, taxpayers can still <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-2-minute-activity-to-boost-muscle-mass\/\" title=\"A 2-Minute Activity to Boost Muscle Mass\">spend countless hours<\/a> and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-republicans-call-on-mayorkas-to-use-available-technologies-to-slow-border-crisis\/\" title=\"House Republicans Call On Mayorkas To Use Available Technologies To Slow Border Crisis\">incur significant costs<\/a>. It&#8217;s important to stay informed and prepared for any potential audits or enforcement actions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biden administration&#8217;s tax audit assurances. The assurance only applies to &#8220;total positive&#8221; income without losses for businesses and households earning less than $400,000 per year, as stated by Chris Edwards of the CATO Institute during his testimony before the Senate Finance Committee on May 16.<\/p>\n","protected":false},"author":1843,"featured_media":1932274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[14366,6002,4214,8362,26940,3633],"class_list":["post-1932273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-audits","tag-businesses","tag-expert","tag-irs","tag-midsize","tag-warns"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1932273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1843"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1932273"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1932273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1932274"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1932273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1932273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1932273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}