Taxing Times - June 2021

Gerald Nowotny
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BIDEN TO INCREASE TAX AUDITS; MAY TARGET SMALL BUSINESSES - The president’s plan to scrutinize the tax returns of the wealthy may also target small businesses.

President Joe Biden announced a plan to increase the Internal Revenue Service’s funding by $80 billion over the next decade.

The additional funding would be invested in staffing and technology for enforcement and tax collection, which would bring in an estimated $700 billion over the next 10 year...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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