nypost.com
Open in
urlscan Pro
192.0.66.32
Public Scan
URL:
https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/
Submission: On August 04 via manual from US — Scanned from DE
Submission: On August 04 via manual from US — Scanned from DE
Form analysis 4 forms found in the DOM
https://nypost.com/
<form class="search__form" action="https://nypost.com/" id="nav-search">
<div class="search__inner" role="search">
<label for="search-input-interior" class="screen-reader-text"> Search </label>
<input type="search" name="s" class="search__input" placeholder="Type to Search" value="">
</div>
<button class="search__submit" type="submit" id="search-submit" value="search" tabindex="-1" aria-label="Click to Search">
<span class="search__submit-text"> Search </span>
<span class="search__submit-icon">
<svg xmlns="http://www.w3.org/2000/svg" width="23" height="24" viewBox="0 0 23 24" tabindex="-1" aria-hidden="true">
<path data-name="Search Icon" d="M21.568 24l-7.348-7.344a9.218 9.218 0 111.54-1.325L23 22.569 21.569 24zM9.116 2.025a7.087 7.087 0 107.091 7.087 7.1 7.1 0 00-7.091-7.087z" fill="#C60800"></path>
</svg>
</span>
</button>
</form><form class="search__form">
<div class="search__inner" role="search">
<label for="search-input-header" class="screen-reader-text"> Search </label>
<span class="search__input-icon"><svg xmlns="http://www.w3.org/2000/svg" width="23" height="24" viewBox="0 0 23 24" tabindex="-1" aria-hidden="true">
<path data-name="Search Icon" d="M21.568 24l-7.348-7.344a9.218 9.218 0 111.54-1.325L23 22.569 21.569 24zM9.116 2.025a7.087 7.087 0 107.091 7.087 7.1 7.1 0 00-7.091-7.087z" fill="#fff"></path>
</svg>
</span>
<input type="search" name="s" class="search__input" id="search-input-header" placeholder="Type to Search" tabindex="-1" data-search-header="input">
</div>
<button class="search__submit" type="submit" tabindex="-1" aria-label="Click to Search" data-search-header="submit">
<span class="search__submit-text">Search</span>
<span class="search__submit-icon"><svg xmlns="http://www.w3.org/2000/svg" width="23" height="24" viewBox="0 0 23 24" tabindex="-1" aria-hidden="true">
<path data-name="Search Icon" d="M21.568 24l-7.348-7.344a9.218 9.218 0 111.54-1.325L23 22.569 21.569 24zM9.116 2.025a7.087 7.087 0 107.091 7.087 7.1 7.1 0 00-7.091-7.087z" fill="#fff"></path>
</svg>
</span>
</button>
</form>POST https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/#contact-form-23313170
<form action="https://nypost.com/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/#contact-form-23313170" method="post" class="contact-form commentsblock">
<script>
(function() {
const contact_forms = document.getElementsByClassName('contact-form');
for (const form of contact_forms) {
form.onsubmit = function() {
const buttons = form.getElementsByTagName('button');
for (const button of buttons) {
button.setAttribute('disabled', true);
}
}
}
})();
</script>
<div class="grunion-field-wrap grunion-field-name-wrap">
<label for="g23313170-name" class="grunion-field-label name">Name<span>(required)</span></label>
<input type="text" name="g23313170-name" id="g23313170-name" value="" class="name" required="" aria-required="true">
</div>
<div class="grunion-field-wrap grunion-field-email-wrap">
<label for="g23313170-email" class="grunion-field-label email">Email<span>(required)</span></label>
<input type="email" name="g23313170-email" id="g23313170-email" value="" class="email" required="" aria-required="true">
</div>
<div class="grunion-field-wrap grunion-field-textarea-wrap">
<label for="contact-form-comment-g23313170-comment" class="grunion-field-label textarea">Comment<span>(required)</span></label>
<textarea name="g23313170-comment" id="contact-form-comment-g23313170-comment" rows="20" class="textarea" required="" aria-required="true"></textarea>
</div>
<p class="contact-submit">
<button type="submit" class="pushbutton-wide">Submit</button> <input type="hidden" name="contact-form-id" value="23313170">
<input type="hidden" name="action" value="grunion-contact-form">
<input type="hidden" name="contact-form-hash" value="499139cf53719fecec3ed15f30460b0870afc71d">
</p>
<p style="display: none !important;"><label>Δ<textarea name="ak_hp_textarea" cols="45" rows="8" maxlength="100"></textarea></label><input type="hidden" id="ak_js_1" name="ak_js" value="1659604697070">
<script>
document.getElementById("ak_js_1").setAttribute("value", (new Date()).getTime());
</script>
</p>
</form>POST /2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/
<form action="/2022/08/03/why-irs-80b-expansion-is-a-nightmare-for-small-business/" method="post">
<label for="target_email">Send to Email Address</label>
<input type="email" name="target_email" id="target_email" value="">
<label for="source_name">Your Name</label>
<input type="text" name="source_name" id="source_name" value="">
<label for="source_email">Your Email Address</label>
<input type="email" name="source_email" id="source_email" value="">
<input type="text" id="jetpack-source_f_name" name="source_f_name" class="input" value="" size="25" autocomplete="off" title="This field is for validation and should not be changed">
<div id="g-recaptcha"></div>
<img style="float: right; display: none" class="loading" src="https://nypost.com/wp-content/mu-plugins/jetpack-10.9/modules/sharedaddy/images/loading.gif" alt="loading" width="16" height="16">
<input type="submit" value="Send Email" class="sharing_send">
<a rel="nofollow" href="#cancel" class="sharing_cancel" role="button">Cancel</a>
<div class="errors errors-1" style="display: none;">There was an error with the form</div>
<div class="errors errors-2" style="display: none;">Incorrect reCAPTCHA, please try again.</div>
<div class="errors errors-3" style="display: none;"> Sorry, your blog cannot share posts by email. </div>
</form>Text Content
Primary Menu Sections
Search
Search
Skip to search results
* News
* Metro
* Page Six
* Sports
* Post Sports+
* Sports Betting
* Business
* Opinion
* Entertainment
* Fashion
* Shopping
* Living
* Media
* Tech
* Real Estate
* Astrology
* Video
* Photos
* Visual Stories
* Sub Menu 1
* Covers
* Columnists
* Horoscopes
* Sports Odds
* Podcasts
* Careers
* Sub menu 2
* Email Newsletters
* Official Store
* Home Delivery
* Tips
Log In
Search Email
New York Post
New!
Sports Plus!
Get 30 Days Free
August 4, 2022
Search
Search
Business
* Facebook
* Twitter
* Flipboard
* WhatsApp
* Email
* Copy
*
* 7171 Comments
80% OF NEW IRS REVENUE WILL COME FROM SMALL BUSINESSES EARNING UNDER $200K: TAX
EXPERTS
By
Lydia Moynihan
SOCIAL LINKS FOR LYDIA MOYNIHAN
* View Author Archive
* email the author
* Get author RSS feed
CONTACT THE AUTHOR
Name(required)
Email(required)
Comment(required)
Submit
Δ
Thanks for contacting us. We've received your submission.
Back to Reading
August 3, 2022 3:34pm
Updated
August 3, 2022 6:27pm
between the beginning of a Build Back Better Initiative.
Biden’s remarks on the Inflation Reduction Act
Biden’s remarks on the Inflation Reduction Act
Video Player is loading.
Play Video
Pause
Unmute
Current Time 0:05
/
Duration 0:54
Loaded: 91.61%
0:05
Stream Type LIVE
Seek to live, currently behind liveLIVE
Remaining Time -0:49
Share
1x
Playback Rate
Chapters
* Chapters
Descriptions
* descriptions off, selected
Captions
* captions settings, opens captions settings dialog
* captions off
* English, selected
Audio Track
* en (Main), selected
Picture-in-PictureFullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaque
Font Size50%75%100%125%150%175%200%300%400%Text Edge
StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional
Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall
Caps
Reset restore all settings to the default valuesDone
Close Modal Dialog
End of dialog window.
Close Modal Dialog
This is a modal window. This modal can be closed by pressing the Escape key or
activating the close button.
Close Modal Dialog
This is a modal window. This modal can be closed by pressing the Escape key or
activating the close button.
MORE ON: TAXES
* BUDGET BUSTER: HOCHUL, DEMS’ SPENDING HAS NY FACING FISCAL CLIFF, WATCHDOGS
WARN
* GEORGIA ALLOWS RESIDENTS TO CLAIM EMBRYOS AS DEPENDENTS ON STATE TAXES
* SCHUMER-MANCHIN DEAL RAISES TAXES ON EARNERS UNDER $400K, STUDY SHOWS
* LETTING CHIPS FALL: DELUSIONAL DEMOCRATS SUBSIDIZE BIZ IN ONE BILL, THEN TAX
IT IN ANOTHER
Small business owners may soon be in for a lengthy and expensive battle with the
IRS, tax experts warn.
A key provision in the Inflation Reduction Act — which throws an extra $80
billion to the IRS to improve the agency’s collection of under-reported income —
will end up targeting small business owners to pay for the legislation,
according to nonpartisan watchdog the Joint Committee on Taxation.
The group estimates that between 78% and 90% of the estimated additional $200
billion the IRS will collect will come from small businesses making less than
$200,000 annually.
Just 4% to 9% would come from businesses making north of $500,000 a year —
meaning the legislation is in sharp contrast to President Biden’s longstanding
claim that he wouldn’t raise taxes on anyone making less than $400,000.
“The IRS will have to target small and medium businesses because they won’t
fight back,” Joe Hinchman, executive vice president at National Taxpayers Union
Foundation, told The Post. “We’ve seen this play out before … the IRS says
‘We’re going after the rich’ but when you’re trying to raise that much money,
the rich can only get you so far.”
Increasing the number of IRS agents could hurt small businesses most.Getty
Images
In fact, going after the lower and middle class can actually be more lucrative
for IRS auditors than trying to get more money from the wealthy. “The rich have
their lawyers and fight it — that’s why the poor are easier to go after,”
Hinchman adds.
Accordingly, tax experts warn that the IRS’s audits will be far more painful and
costly for small business owners — even for those who think they’re filing their
taxes correctly.
Sens. Joe Manchin and Chuck Schumer have reached a deal that would give the IRS
an extra $80 billion.Getty Images
“Most small business aren’t doing anything wrong,” Daniel Bunn, executive vice
president at the Tax Foundation, told The Post. “We don’t make the tax code
simple and the complicated tax code makes it difficult for small business owners
to comply with all the requirements.”
Even if small business owners get everything right, they may still be faced with
a headache since part of the IRS expansion will involve sending out more notices
and letters to businesses, Bunn adds. For individual contractors or small
businesses, an IRS letter that they owe more money or made an error on their
taxes can put them underwater.
SEE ALSO
MANCHIN’S DOUBLE TALK SHOWS WHAT A COUNTERPRODUCTIVE MESS HIS ‘INFLATION’ DEAL
IS
“Anytime you get a IRS letter, it could take months or years to get it settled —
we’re talking many thousands of dollars to address,” Bunn added. “Large
companies have constant reviews and lawyers going through everything … small
business doesn’t have the resources to fight back in the way.”
The White House has dismissed claims the bill will hurt lower- and middle-income
Americans, instead noting the JCT estimate doesn’t take into account how much
the bill will offset costs for average Americans like prescription drugs.
But tax experts aren’t so sanguine about the reality of giving the IRS more
resources.
“The approach here is to double the IRS workforce, take the leash off, and see
how much they can collect,” Hinchman adds. “I think they’ll collect it but it
will be quite painful.”
SHARE THIS ARTICLE:
* Facebook
* Twitter
* Flipboard
* WhatsApp
* Email
* Copy
*
* 7171 Comments
Filed under
* chuck schumer
* inflation
* irs
* joe manchin
* small business
* tax reforms
* taxes
* taxpayer
* taxpayers
* 8/3/22
Read Next Choco Taco lives! Klondike looks to bring back treat 'in t...
Skip
Ads by
WHAT TO SHOP NOW
* WE HAVE HEART EYES FOR THE GLASSESUSA BOGO SALE ON DESIGNER AND REGULAR
BRANDS
* FACTOR THIS MEAL KIT INTO YOUR EVERYDAY LIVES: WHAT IS FACTOR?
* ROLL TIDE! SHOP THE 'BAMA RUSH TIKTOK TREND FOR 2022
* ULTA FOREVER FABULOUS SALE 2022: 8 BEST DEALS ON CELEB-LOVED BEAUTY PRODUCTS
* KEEP YOUR COOL: SHOP THE BEST MINI-FRIDGES FOR ALL YOUR SNACKING AND SKINCARE
NEEDS
COLUMNISTS
* JENNIFER GOULD
SOHO RESTAURANT MAVEN EXPANDS EATERY EMPIRE TO TRIBECA WITH SMYTH TAVERN
* STEVE CUOZZO
FINAL PIECE IN WTC TENANT PUZZLE CONTINUES TO ELUDE DEVELOPER SILVERSTEIN
* CHARLES GASPARINO
TWITTER ON THE CHEAP: IS ELON MUSK EYEING A DISCOUNT?
SEE ALL COLUMNISTS
TRENDING NOW IN BUSINESS
* This story has been shared 6,498 times. 6,498
80% OF NEW IRS REVENUE WILL COME FROM SMALL BUSINESSES EARNING UNDER $200K:
TAX EXPERTS
* This story has been shared 3,962 times. 3,962
YACHT MEANT TO BE: JEFF BEZOS' UNFINISHED MEGA VESSEL TOWED AWAY FROM DUTCH
PORT IN DEAD OF NIGHT
* This story has been shared 3,533 times. 3,533
'A SLAP IN THE FACE': SAUDIS SPURN BIDEN'S REQUEST TO BOOST OIL OUTPUT
NOW ON PAGE SIX
* ‘RHODUBAI’ STAR SARA AL MADANI DEFENDS WEARING AFRO WIG TO DANCEHALL PARTY
* ‘RHOBH’: LISA ACCUSES SUTTON OF TRYING TO ‘HUMILIATE’ HER IN EXPLOSIVE FIGHT
* ‘LOVE ISLAND USA’: FELIPE SHUTS DOWN COURTNEY’S ‘TOXIC’ RELATIONSHIP CLAIMS
See All
VIDEO
* SPOILED DAUGHTER IS HAPPY BEING ‘S.A.H.D.’ | POST POPPIN’ WITH ASIA GRACE
SHARE THIS ARTICLE
Share Selection
* Share selection to Facebook
* Share selection to Twitter
MORE STORIES
PAGE SIX
SELENA GOMEZ WANTS TO BRING BACK 'REAL STOMACHS' IN NEW TIKTOK
NYPOST
MMA FIGHTER SPRINGS INTO ACTION TO TAKE DOWN NYC ASSAULT SUSPECT
* Facebook
* Twitter
* Instagram
* LinkedIn
* Email
* YouTube
* Sections & Features
* News
* Metro
* Sports
* Sports Betting
* Business
* Opinion
* Entertainment
* Fashion
* Shopping
* Living
* Media
* Tech
* Real Estate
* Astrology
* Video
* Photos
* Visual Stories
* Alexa
* Covers
* Horoscopes
* Sports Odds
* Podcasts
* Columnists
* Classifieds
* Post Sports+
* Subscribe
* Articles
* Manage
* Newsletters & Feeds
* Email Newsletters
* RSS Feeds
* NY Post Official Store
* Home Delivery
* Subscribe
* Manage Subscription
* Delivery Help
* Help/Support
* About New York Post
* Customer Service
* App FAQ & Help
* Community Guidelines
* Contact Us
* Tips
* Newsroom
* Letters to the Editor
* Reprints
* Careers
* Apps
* iPhone App
* iPad App
* Android Phone
* Android Tablet
* Advertise
* Self Service
* Media Kit
* Contact
© 2022 NYP Holdings, Inc. All Rights Reserved Terms of Use Membership Terms
Privacy Notice Your Ad Choices Sitemap Your California Privacy Rights Manage
Choices
SHARE LINK
click to copy
Send to Email Address Your Name Your Email Address
Cancel
There was an error with the form
Incorrect reCAPTCHA, please try again.
Sorry, your blog cannot share posts by email.
Notifications
ABOUT YOUR PRIVACY
* YOUR PRIVACY
* STRICTLY NECESSARY COOKIES
* FUNCTIONAL COOKIES
* ANALYTICS COOKIES
* TARGETING COOKIES
* STORE AND/OR ACCESS INFORMATION ON A DEVICE
* CREATE A PERSONALISED ADS PROFILE
* SELECT PERSONALISED ADS
* CREATE A PERSONALISED CONTENT PROFILE
* SELECT PERSONALISED CONTENT
* SELECT BASIC ADS
* MEASURE AD PERFORMANCE
* MEASURE CONTENT PERFORMANCE
* APPLY MARKET RESEARCH TO GENERATE AUDIENCE INSIGHTS
* DEVELOP AND IMPROVE PRODUCTS
* USE PRECISE GEOLOCATION DATA
* SPECIAL PURPOSES
* FEATURES
* DO NOT USE
YOUR PRIVACY
We process your data to deliver content or advertisements and measure the
delivery of such content or advertisements to extract insights about our
website. We share this information with our partners on the basis of consent and
legitimate interest. You may exercise your right to consent or object to a
legitimate interest, based on a specific purpose below or at a partner level in
the link under each purpose. These choices will be signaled to our vendors
participating in the Transparency and Consent Framework.
More information about your privacy
List of Vendors
STRICTLY NECESSARY COOKIES
Always Active
Strictly necessary cookies are essential for the website to function correctly.
These cookies may also be used to assist in fraud prevention and security. You
can set your browser to block or alert you about these cookies, but without
them, performance of the site may be affected and you may not be able to take
full advantage of all services and/or features of the site.
FUNCTIONAL COOKIES
Functional Cookies No Consent
Functional cookies collect information regarding your choices and preferences
(such as, your language preference, user name, or location) to provide a more
personalized online experience and show you content relevant to where you are,
such as customizing a certain webpage or remembering if we have asked you to
sign up for our Services. With mobile or other internet enabled devices,
functional cookies may collect a unique identifier assigned to an internet
enabled device (mobile, tablet), geolocation data or other traffic information
for that device. These features help us improve your experience with the
website, for example, to determine the appropriate device location during a
session or count articles viewed.
ANALYTICS COOKIES
Analytics Cookies No Consent
We and our service providers, such as Google Analytics, use analytics cookies to
collect information about your use of the website to help create reports and
statistics on the performance of the website, which enable us to improve the way
the site works. Analytics cookies collect information such as your IP address,
type of device, operating system, referring URLs, country information data and
time of page visits, and pages visited. This information allows us to identify
overall patterns of usage on the website, and help us record any difficulties
you have with website.
TARGETING COOKIES
Targeting Cookies No Consent
These cookies may be set through our site by our advertising partners. They may
be used by those companies to build a profile of your interests and show you
relevant adverts on other sites. They do not store directly personal
information, but are based on uniquely identifying your browser and internet
device. If you do not allow these cookies, you will experience less targeted
advertising.
STORE AND/OR ACCESS INFORMATION ON A DEVICE
Store and/or access information on a device No Consent
Cookies, device identifiers, or other information can be stored or accessed on
your device for the purposes presented to you.
List of Vendors | View Full Legal Text Opens in a new Tab
CREATE A PERSONALISED ADS PROFILE
Create a personalised ads profile No Consent
A profile can be built about you and your interests to show you personalised ads
that are relevant to you.
List of Vendors | View Full Legal Text Opens in a new Tab
SELECT PERSONALISED ADS
Select personalised ads No Consent
Personalised ads can be shown to you based on a profile about you.
List of Vendors | View Full Legal Text Opens in a new Tab
CREATE A PERSONALISED CONTENT PROFILE
Create a personalised content profile No Consent
A profile can be built about you and your interests to show you personalised
content that is relevant to you.
List of Vendors | View Full Legal Text Opens in a new Tab
SELECT PERSONALISED CONTENT
Select personalised content No Consent
Personalised content can be shown to you based on a profile about you.
List of Vendors | View Full Legal Text Opens in a new Tab
SELECT BASIC ADS
Ads can be shown to you based on the content you’re viewing, the app you’re
using, your approximate location, or your device type.
Object to Legitimate Interests Remove Objection
List of Vendors | View Full Legal Text Opens in a new Tab
MEASURE AD PERFORMANCE
The performance and effectiveness of ads that you see or interact with can be
measured.
Object to Legitimate Interests Remove Objection
List of Vendors | View Full Legal Text Opens in a new Tab
MEASURE CONTENT PERFORMANCE
The performance and effectiveness of content that you see or interact with can
be measured.
Object to Legitimate Interests Remove Objection
List of Vendors | View Full Legal Text Opens in a new Tab
APPLY MARKET RESEARCH TO GENERATE AUDIENCE INSIGHTS
Market research can be used to learn more about the audiences who visit
sites/apps and view ads.
Object to Legitimate Interests Remove Objection
List of Vendors | View Full Legal Text Opens in a new Tab
DEVELOP AND IMPROVE PRODUCTS
Your data can be used to improve existing systems and software, and to develop
new products
Object to Legitimate Interests Remove Objection
List of Vendors | View Full Legal Text Opens in a new Tab
USE PRECISE GEOLOCATION DATA
Use precise geolocation data No Consent
Your precise geolocation data can be used in support of one or more purposes.
This means your location can be accurate to within several meters.
List of Vendors | View Full Legal Text Opens in a new Tab
SPECIAL PURPOSES
Always Active
We have a need to use your data for this processing purpose that is required for
us to deliver services to you.
* TECHNICALLY DELIVER ADS OR CONTENT
Switch Label label
Your device can receive and send information that allows you to see and
interact with ads and content.
* ENSURE SECURITY, PREVENT FRAUD, AND DEBUG
Switch Label label
Your data can be used to monitor for and prevent fraudulent activity, and
ensure systems and processes work properly and securely.
List of Vendors | View Full Legal Text Opens in a new Tab
FEATURES
Always Active
Features are a use of the data that you have already agreed to share with us.
* MATCH AND COMBINE OFFLINE DATA SOURCES
Switch Label label
Data from offline data sources can be combined with your online activity in
support of one or more purposes
* LINK DIFFERENT DEVICES
Switch Label label
Different devices can be determined as belonging to you or your household in
support of one or more of purposes.
* RECEIVE AND USE AUTOMATICALLY-SENT DEVICE CHARACTERISTICS FOR IDENTIFICATION
Switch Label label
Your device might be distinguished from other devices based on information it
automatically sends, such as IP address or browser type.
List of Vendors | View Full Legal Text Opens in a new Tab
DO NOT USE
Do Not Use No Consent
Back Button
BACK
Vendor Search
Filter Button
Consent Leg.Interest
checkbox label label
checkbox label label
checkbox label label
Clear
checkbox label label
Apply Cancel
Confirm My Choices
Reject All Allow All
WE VALUE YOUR PRIVACY
We and our partners store and access information on your device, such as unique
IDs in cookies to process personal data. You may accept and manage your choices
at any time by clicking `Manage Choices`, including your right to object where
legitimate interest is relied upon. Your choices will be signaled to our
partners and will not affect your browsing.Cookie Notice
WE AND OUR PARTNERS PROCESS DATA FOR THE FOLLOWING REASONS:
Use precise geolocation data. Actively scan device characteristics for
identification. Store and/or access information on a device. Create a
personalised ads profile. Select personalised ads. Create a personalised content
profile. Select personalised content. Select basic ads. Measure ad performance.
Measure content performance. Apply market research to generate audience
insights. Develop and improve products. List of Partners (vendors)
Allow All Manage Choices