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Prediction: It's Only a Matter of Time Before President Donald Trump and Fed Chair Kevin Warsh Are Butting Heads -- and Wall Street May Be the Big Loser Yahoo FinanceTrump to Fed chair Warsh: "Don't look at me, don't look at anybody" AxiosTrump finally gets his Fed chair. Bond investors are already testing him. PoliticoKevin Warsh sworn in as Fed chair, but Trump's rate cuts look increasingly unlikely NBC NewsPETER NAVARRO: Powell's shadow Fed majority could threaten jobs, housing and
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China reveals 3-person Shenzhou 23 crew, including Hong Kong's 1st astronaut SpaceChina sends astronaut on year-long space mission as it eyes 2030 moon landing ReutersChina launches three-crew space flight as part of lunar ambitions The GuardianRocket carrying China's Shenzhou-23 crewed spacecraft blasts off news.cgtn.com
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Prices related to travel, recreation and food saw particularly steep increases, stretching Americans' wallets as they celebrate the unofficial start of summer.
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There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
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