IRS touts Biden's legislation for 'Small Business Week' despite concerns law will hurt small businesses

Fox News' Chad Pergram reports on the impact of Democrats' spending bills as they campaign for midterms amid skyrocketing inflation., which critics argue will allow the IRS to target small businesses for more tax money.

The IRS noted potential benefits for businesses that continued paying their employees during the COVID pandemic and that help pay their employees' student loan obligations, among others.

accusing his agency of launching a"witch hunt" against small businesses over its plan outlining how it will spend money from Biden's Inflation Reduction Act. Ernst specifically cited that provision, which suggests businesses making more than $400,000 per year could be subject to the IRS's increased"enforcement activities," arguing such a threshold is lower than any other industry standard for a"large business."

The senator noted that a small business with about five employees would bring in more than $424,000 on average, citing data from the U.S. Census Bureau.

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

City of Austin offers free educational sessions for Small Business WeekThe classes are available both online and in person.
مصدر: SpectrumNews1TX - 🏆 333. / 59 اقرأ أكثر »

Joni Ernst to introduce bill to force federal agency transparency on small business regulationsEXCLUSIVE — Sen. Joni Ernst (R-IA) plans to introduce a bill on Wednesday aimed at helping small businesses hold federal agencies accountable when it comes to newly instated regulations on direct and indirect costs.
مصدر: dcexaminer - 🏆 6. / 94 اقرأ أكثر »

New Tucson program offers small business loans without collateralThe Community Investment Corp. and Startup Tucson partnered with a national group to offer small-business loans secured by future revenues, not assets.
مصدر: TucsonStar - 🏆 339. / 59 اقرأ أكثر »

Mason County small family business working to recover after massive fireTwo employees were hurt in a Mason County auto business fire; one employee had to be airlifted to Harborview Medical Center.
مصدر: KIRO7Seattle - 🏆 271. / 63 اقرأ أكثر »