Biden’s IRS Auditor Army Will Disrupt Economic Recovery
The Biden administration’s decision to recruit nearly 90,000 new IRS auditors could have a chilling effect on small businesses and economic growth, permanently impeding our nation’s ability to recover from its current economic malaise.
As part of the misleadingly titled “Inflation Reduction Act,” President Biden and his allies secured roughly $80 billion in new IRS funding to hire 87,000 auditors. This is bad news for the American economy.
One of the many ways that small businesses can succeed and help grow the economy is by taking advantage of tax credits and deductions which leave more money in the hands of owners to reinvest in their businesses and offer more competitive pay for their employees.
But with the looming threat of a veritable army of auditors being mobilized by the Biden administration, it is highly likely that many small businesses will decline to seek the benefits of those credits and deductions, lest they face the costly headache of aggressive audits from the IRS. In fact, my firm, Engineered Tax Services, specializes in working with businesses to understand and utilize those credits and deductions, and some of my firm’s small business clients have told me this is the case.
Business and financial experts are equally certain that Biden’s Auditor Army will target small businesses.
“There is no doubt that boosting IRS audit capabilities through a vast increase in the hiring of 87,000 new staff focused on this effort will hit small businesses the hardest,” said Karen Kerrigan, president and CEO of the Small Business and Entrepreneurship Council, in an interview with The Center Square. “The tax data shows that it is small
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