Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-04-2008, 11:32 AM
Junior Member
 
Join Date: Mar 2008
Posts: 4
Would Obama Victory result in more IRS Tax Audits for Small businesses??

As an owner of a small business, I am really concerned that an Obama victory would intensify IRS audits on small businesses and high income taxpayers. Are my concerns well founded or am I being too concerned or paranoid?

1. Will business expenses get more IRS scrutiny?

2. Will IRS get tough with taxpayers?

Some how I feel that collections have to increase 2-3 fold to fund the deficit and scores of programs that the Democrats have promised! How else can they pay for these programs?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-06-2008, 01:08 AM
Junior Member
 
Join Date: Mar 2007
Posts: 11
I think that the Obama Presidency would be faced with the highest budget deficit in the history of the US, and with the increasingly expensive programs espoused by President Elect Obama, I really think it would be imperative that the IRS would be forced to increase tax revenue through tougher compliance and more aggressive audits!

So, small businesses be careful about taking aggressive deductions, Uncle Sam would be scrutinizing you even more!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is the market worried about an Obama Victory??? disa Investment Strategy 1 10-13-2008 10:24 AM
Will the financial bailout result in an increase in individual tax rates? marian Investment Strategy 0 10-04-2008 08:42 PM
Why do 50% of All New Businesses Fail Within Their First 3 Years of Operations? TaxGuru General 1 09-21-2008 05:34 PM
IRS permits businesses to accelerate the use of the AMT and R&D credit carryovers. TaxGuru For 2008 0 08-08-2008 11:55 AM
What is the Self-Employment Tax rate for self-employed businesses? Cooper Sole-Proprietorship 1 03-11-2008 11:37 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning