Legislative News

IRS TARGETS SMALL BUSINESSES

IRS is telling small business owners that they might have underreported their income, based on reports the IRS receives about a company’s debit and credit card receipts. (A 2008 housing bill gave IRS more access to companies’ debit card receipts.) Letters imply that this is a serious matter that could lead to assessments of additional tax, penalties and interest. A small business that receives one of these notices is very likely to feel alarmed and threatened. The House Small Business Chairman Graves said that businesses were being told that their receipts weren’t in line with where they should be but weren’t told how much the receipts were off and were given 30 days to respond without given any more information on the IRS’s standards. There could be good reason for receipts to seem elevated because of cash back offers on debit cards or the ability to add a tip on their card or other adjustments.

When targeted by the IRS: Be sure to comply with requirements of the IRS letter and report the IRS threat to 1) the House Small Business Committee Chairman Graves; 2) your US Representative and 3) Senators Rubio and Nelson. Ask these elected officials for a caseworker to be assigned to you to resolve the issue with the IRS and for a final letter of satisfaction from the IRS absolving you company of any additional tax, penalties and interest. (US House Small Business Committee)

Our action:  1.Tell your US Representative and Senators Rubio & Nelson that you expect them to stop IRS targeting the already over regulated, over taxed businesses in America with their threatening fishing expedition letters with short or 30 day deadlines. You may want to point out that the IRS knows absolutely nothing about running a business since they can even run the IRS without costly waste and that that the IRSs can’t even devise a standard variance on how just much debit and credit card receipts, which include tips, cash back offers and prior period adjustments could reasonably be compared to taxable income.

2. Tell your legislators to repeal the 2008 housing bill that gave IRS more access to company records and that are not required by the tax code

3. Let your legislators know if they have lost your trust.

(Ref: small business.house.gov “Small Business Panel Presses IRS Over Outreach)

  

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Posted by FCTP on March 26, 2017 at 4:30pm — 9 Comments

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