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XQ CPA Newsroom Update - IRS Gets $80 Billion!

Today, the XQ CPA Newsroom brings you big updates! This past Sunday, the U.S. Senate passed the Inflation Reduction Act, H.R. 5376, and is awaiting approval by the House of Representatives. This bill will allocate $80 billion to the IRS over the next 10 years which provides the agency with an additional 60% funding increase on top of the existing yearly budget of $12 billion. The new provisions will allow the IRS to conduct more audits, which will lead to additional fines for taxpayers. It will also focus their target on corporations and high-net-worth individuals. Now is the time to make sure your business is in order! We will keep you up to date as we receive more information and as always reach out to us if you have any questions. #IRS #taxes #CPA


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