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What Effect Will the Inflation Reduction Act Have on Your Business?

By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for small businesses. Yes, an $80 billion boost to the IRS means your chance of being audited MIGHT go up, but if you’ve got nothing to hide, who cares? According to the White House, where the Inflation Reduction Act benefits small businesses, the most by reducing operating expenses by maintaining lower healthcare costs, supporting energy-saving investments, and bolstering supply chain resiliency. According to a former IRS commissioner, increased funding will give the agency the ability to “help” independent businesses put more money in their pockets by reducing a tax return backlog that has grown to more than 21 million accounts.

 

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