Kevin O'Leary flags new IRS audit powers for small businesses
@kevinolearytv: O'Leary on IRS audit powers
Kevin O'Leary, a prominent investor and television personality, has raised concerns over proposed changes in a new bill that could grant the IRS extended powers to audit small businesses for up to nine years. This move relates specifically to claims made under the Employee Retention Credit (ERC).
O'Leary highlighted that the lengthy audit period is 'unprecedented' considering that most businesses typically face shorter audit periods. According to O'Leary, such measures could impose undue pressure on small businesses, which may not have the resources to endure lengthy audits.
This development comes amid ongoing debates regarding tax policies and regulatory measures affecting business operations in the US.
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In the previous news, tweet author Kevin O'Leary discussed investment strategies in volatile markets.
