Yellen: 90% Of New Audits On Small Business - The Administration has been clear (??) the Inflation Reduction Act funding to the IRS, almost $80 billion, will not be used to Audit those making less tha

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Today's Tax Talk with Attorney Steven Leahy

Steven Leahy

239 episodes

4 days ago

Attorney Steven Leahy has worked with business owners in the Chicago area and beyond for over two decades. He is the tax resolution answer man for those with: unfiled tax returns, tax planning issues, and more. What do you need to do as a business owner to avoid issues with the IRS? Attorney Leahy is the Founder & Principal of Opem Tax Advocates with the Law Office of Steven A. Leahy, PC. He is the host of the IRS Radio Hour on 560 the Answer, a frequent guest on Home Sweet Home Chicago and other WGN Radio programs, and is the tax answer man on television stations like ABC 7 and FOX Chicago.

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Yellen: 90% Of New Audits On Small Business - The Administration has been clear (??) the Inflation Reduction Act funding to the IRS, almost $80 billion, will not be used to Audit those making less tha

Today's Tax Talk with Attorney Steven Leahy

15 minutes 30 seconds

2 years ago

Monday March 13, 2023 – The Administration has been clear (??) the Inflation Reduction Act funding to the IRS, almost $80 billion, will not be used to Audit those making less than $400,000 per year. Or will it.

Last week the new Commissioner of the IRS said, I think unequivocally, that the Inflation Reduction Act money will not be used to audit those taxpayers. But, on Friday March 10th, Treasury Secretary Yellen appeared before the House Ways and Means Committee and admitted that more than 90% of any new audits supported by that money will be used to audit small businesses and individuals making less than $400,000 per year.

If you listened closely over these past months, you knew this was the case. There was always some “wiggle room,” as Senator Crapo put it. And trying to get a straight answer was always met with obfuscation.

Now, I think the truth is out. Will it make a difference?

Attorney Steven A. Leahy goes over this new information on Today’s Tax Talk.

https://www.cnn.com/2022/08/10/politics/yellen-new-irs-funding-audits/index.html

https://finance.yahoo.com/video/yellen-appears-admit-90-irs-201955117.html