President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.
The IRS should use some of the $80 billion allocated from the Inflation Reduction Act to help small and medium-sized businesses learn about their rights as taxpayers and about available business credits and incentives in the tax code
The Inflation Reduction Act recently signed into law by President Biden provides for $80 billion in increased IRS funding over ten years. This increased budget will provide for the hiring of tens of thousands of additional and replacement IRS employees.
The pandemic accelerated the digitalization of day-to-day business operations, ushering in a new era of tech-dependence, particularly around cloud migration. Now, companies of all sizes are racing to update their infrastructure, data, and critical applications to the cloud.
The Inflation Reduction Act set aside $79 billion to beef up the IRS, leading to concerns about the impact of increased audits in many corners.