Wednesday January 11, 2023 – With the new House Majority, Republicans are pledging to use their power to identify agencies at which to slash budgets. Their vote on Monday was the first step in this process, passing a repeal of $71 billion in IRS funding.
The Inflation Reduction Act was passed by Democrats in the last Congress – without a single Republican vote. It was designed to provide funding over 10 years to boost enforcement at the IRS after massive hiring surges.
It’s important that business owners stay informed about any changes related to taxes and filing procedures so they can comply with all requirements quickly and accurately. Keeping up-to-date on any news related to taxes is critical – especially as tax season approaches – so businesses can remain compliant while also taking advantage of any benefits they may be entitled to receive under current laws. Additionally, making sure you have accurate records and staying organized throughout the year can help reduce any potential issues down the line if you do get audited or need help with a specific issue related to your taxes or filing status.
Attorney Steven A. Leahy explores the details of this act and how it will affect you.