- January 22, 2024
- Posted by: Dan Gordon
- Category: Accounting Advice
The Inflation Reduction Act passed into law last year, and currently is being implemented across the U.S. The hiring of new Internal Revenue Service (IRS) agents under the Act is likely to have a significant impact on federal tax audits and potentially on small businesses like pest control companies. The IRS has not released any specific plans for how it will use the new funding, but it has stated it plans to increase audit activity.
With the hiring of many new agents, experts expect audit rates to rise.