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After ICE arrested his mom, 18-year-old citizen worries he could be next while caring for younger sister CBS NewsSingle mother of two detained Monday in Kenner, immigration advocacy group says fox8live.comICE Arrest Leaves 18-Year-Old Citizen Fearing Future, Caring for Sister El-Balad.com
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Stock Market Today: Dow Falls Ahead of Fed Rate Decision Barron'sS&P 500 closes little changed ahead of Fed decision, JPMorgan weighs on Dow CNBCDow drops 179, Nasdaq rises 31, S&P 500 slips 6 MSNWall Street pulls back from its record heights AP News
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S&P 500 is little changed as traders brace for Fed decision, Dow dragged down by JPMorgan: Live updates CNBCStock market today: Dow, S&P 500, Nasdaq rise as Fed meeting kicks off, JOLTS data shows openings rose Yahoo FinanceInvestors warm up for long spell of discordant Fed ReutersU.S. stocks mixed ahead of Fed decision; labor market data in focus Investing.com
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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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