Do we want IRS to be more powerful?
The Supreme Court thinks so.
(Polselli v. Internal Revenue Service
That’s the Tax Court Case that gave the IRS more power.)
What does that mean for you, the business owner?
Let’s say you operate a restaurant.
And one of your suppliers/vendors gets audited by IRS.
The IRS officer can go to the bank and ask for YOUR documents or financial records associated with the audited vendor.
Will you be notified that IRS is looking at your financial records?
Is it legal?
The Supreme Court said so.
There are ongoing efforts to overturn that decision.
* * *
Moving on to some good news in State Tax Reform.
This is the third year of significant tax reform. 24 states have reduced individual income tax rates.
13 states have lowered taxes for corporations.
Plus some states have done tax reductions and/or other tax improvements in: sales tax rates, capital stock taxes, and more.
For business owners with interstate businesses:
You need to keep informed.
And take advantage of these opportunities.
You work hard.
And you deserve to keep more (as it’s legally allowed) of your hard-earned money.
Thanks for visiting.