|
Global tech sell-off deepens as South Korea's Kospi sinks 8%, S&P 500 futures fall: Live updates CNBCStocks in Asia Tumble as A.I. Uncertainty Jolts Tech Shares The New York TimesAsia stock markets slide as tech shares slump BBCSouth Korea's ‘Ant' Army Is Driving an AI Market Frenzy Bloomberg.comAsia shares retreat as Apple price hikes rain on chip parade Reuters
|
|
The rise of the retail investor is making the market less efficient — and AI is compounding the problem, according to a quant at Goldman Sachs.
|
|
Down over 30% since the beginning of June, shares of Palantir just hit a new 52-week low
|
|
Supreme Court allows Trump to end protected status for Haitian and Syrian migrants BBCJustices Clash on Whether Race Played a Role in Trump's Bid to Deport Haitians The New York TimesSupreme Court allows Trump to remove protections from thousands of Haitian and Syrian immigrants NBC NewsWATCH: Stephen Miller says 'America's doors are closed fully to asylum seekers' after Supreme Court rulings
|
|
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
|
|
