It is the middle of June and this very deep and tough recession has taken a toll on many small businesses and we are seeing many businesses refocusing and adjusting to become stronger and more flexible. However one thing we need to pay more attention to is that governmental entities whether Federal, State or Local are refocusing and gearing up to bring in more revenue. In the Health Care Act there is a provision to hire more Internal Revenue Service Personnel, the State of California Board of Equalization is sending notices to all business that gross over 100,000 inquiring about if they should be paying us tax, and local governments are beginning to step up enforcement of business taxes. In the area where you are located, What is the government climate like?
What is Fair in the Tax System?
Everyone wants to be treated fairly. That is an essential quality that all people have. But what is fairness? Trying to answer that question can prove to be difficult for some. While fairness is impartial and just treatment without favoritism or discrimination, applying this principle is a challenge. Each person has their own idea of what is fair. That is certainly true when it comes to the current tax system. The Internal Revenue Service ( IRS ) is aware of that sentiment. After a year of review following the passing of the 2022 Inflation Reduction Act funding, they are determined to make a change. These changes will focus attention on the wealthy, partnerships, and other high-income earners who in recent years have had a sharp reduction in audits. The IRS is planning to use Artificial Intelligence to detect patterns in tax avoidance and new threats. They will also make sure that audit rates do not increase for modest earners. This is just one area that i
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