IRS Plans a 50% Ramp-Up in Audits of Small Businesses Next Year

submitted by Drewski from bloomberg.com

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[–][deleted] 7 insightful - 7 fun7 insightful - 6 fun8 insightful - 7 fun -  (0 children)

Too many survivors?

[–]magnora7 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (2 children)

What country is actually good for small businesses? Sucks because despite all this nonsense, the US is still one of the best ones to run a small business in. Which just shows how terrible it is worldwide imo

[–][deleted] 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (0 children)

It is shocking out there for them alright, oddly enough in the small town I reside in (in Oz) only one business out of roughly 50 closed down, a posh coffee shop that hadn't been in operation too long. I think a key to success is owning the building you do business in, which most in my main street do. It's just more evidence to me that going forward the smaller regional hub towns will do better than the cities in many ways.

It's very complex this business of small business though a lot of the problem is people unwilling to adjust to the new realities of bigbox and the internet. If you want to doggedly hold onto a small jewelers shop in a mall, in the face of much cheaper on-line watch sales etc then you are setting yourself up for poverty IMO. I went to a small starter motor/alternator reconditioner in the city a while back and the price they wanted/needed for a recon on a 70's alternator was more than a new chinese knockoff on ebay. The world has changed and we consumers with it hey.

[–]Drewski[S] 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Liechtenstein, maybe? Good luck getting approved to stay there though, let alone citizenship. US is still one of the better places to open a business, but when the gov't can arbitrarily close down your store on a whim, and then stuff like this... it's a real tough time for independent businesses.

[–]iraelmossadreddit 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

there going build an irs prison for all the people that got stimulus checks that don't pay taxes

[–]shitface9000 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

they expect biden to get inaugurated. we're still waiting on that

[–]Tom_Bombadil 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

IRS audits test positive for Covid.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Out of millions of small family owned businesses, the IRS is going to audit hundreds more. I bet everyone is shaking. It's easy to keep good records. That's why small businesses aren't normally audited. It doesn't pay off for the IRS.

[–]Zednix 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Yep, anything to fuck the little guy. My gov just decided to hype up the carbon tax while we have record unemployment.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

The IRS is weird. They rejected me last year, wife had to file taxes alone. They did that because I had like a grand in ACA payments that would have come out of our refund but by dumping me on the side we don't have to pay it.

And they just did that. I didn't ask for it. We were prepared to pay.

[–]dissidentrhetoric 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Fuck those small businesses to death