Congress has passed the CHIPS Act of 2022 (HR 4346) and President Biden is expected to sign the measure into law soon. The Act provides $52 billion in funding to companies that build or expand semiconductor production facilities in the U.S. as well as funding for development of related emerging technologies.
According to a Government Accountability Office report, in 2018, there were 2,148 law enforcement officers working for the IRS’s Criminal Investigation Division. They were armed with 4,461 weapons, including 15 fully automatic weapons and more than 5 million rounds of ammunition.
The division investigates “potential criminal violations of the Internal Revenue Code and related financial crimes in a manner that fosters confidence in the tax system and compliance with the law.”
A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors.
I have been saying that the IRS has been itching to go after small business. Well, the Congressional Budget Office (CBO) informed lawmakers that audits of taxpayers making under $400,000 accounts for about $20 billion in revenue for the Inflation 'Increasing' Act - in spite of their lies that nobody making under $400,000 would see any harm from this bill.
Tucked into the tax and spending bill that passed the Senate this weekend was a $15 million provision to study allowing the IRS to prepare taxes. What could possibly go wrong with that?
A small part of the $80 billion IRS funding in the Inflation Reduction Act includes the $15 million dedicated to fund a task force to study the cost and feasibility of creating a free direct e-file program. This means having the IRS do your taxes for free. Talk about a conflict of interest!
Aug. 16 - West Virginia Senator Joe Manchin recently claimed the 15 percent corporate minimum tax contained in the Inflation Reduction Act, which should be called the Inflation Creation Act, is not a tax increase. Instead, he claimed, the bill simply closes a loophole that allows corporations to avoid paying all the taxes they owe. Despite what Senator Manchin says, the fact is the new minimum tax increases the amount of money some corporations must hand over to the government; in other words, it increases their taxes.
There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It's also important to notify the IRS of their plans.
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.
For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. Here is a complete list of the new rates: