If you have a pass-through LLC it’s time to dissolve
Not to get into specifics but her contact at the IRS basically told us that any pass through 1099s are going to get bulldozed over the next 2 years at least, unless something happens in 2024.
The hiring focus at the IRS is weighted heavily toward investigation/enforcement and one of the goals is an audit increase ratio in several orders of magnitude, with the concentration being those SBOs reporting annual revenues between 500K and 50M. They aren’t going after the billionaires.
She advised me to immediately dissolve 2 of my LLCs and amend a few of the expense pieces on my 2020 and 2021 filings, and pull the PDFs on any receipt above 5k. We report all revenues and I can’t imagine there’s anything egregious on the expense side, so I’m not freaked out by it, but it was an eye-opening call.
“This is not going to be a forward projection initiative. This is going to be retroactive….and it’s going to start to really roll out about 18mo from now.”
My CPA assured me that we/I should be fine, as long as my BK is able to handle the turnaround, but then told me that there are going to be a lot of small to midsize corps and ICs that get absolutely buried by this.
Class warfare unwittingly funded by the people, and planned/executed by the USFG.
Imagine voting for a 50b expansion of the surveillance state.
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I have nothing to hide
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Yeah, LLC's and S-Corps are gonna be serious targets.
BLM will be fine though. -
I don’t think I/we do either, but we have a little bit of unnecessary work ahead of us, in terms of organizing receipts against prior filings.RaceBannon said:I have nothing to hide
The amendments will be on legitimate equipment purchases with some cross-utilization between a couple of pass throughs and our primary corp and that’s it, is my understanding.
This just seems like a potential huge headache for sole proprietors and independent contractors -
Wait so what's the move now
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Flesh tradePitchfork51 said:Wait so what's the move now
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How big is your company. Mine is under $500k.thechatch said:….per my CPA, whom I had a 2hr conf call with yesterday.
Not to get into specifics but her contact at the IRS basically told us that any pass through 1099s are going to get bulldozed over the next 2 years at least, unless something happens in 2024.
The hiring focus at the IRS is weighted heavily toward investigation/enforcement and one of the goals is an audit increase ratio in several orders of magnitude, with the concentration being those SBOs reporting annual revenues between 500K and 50M. They aren’t going after the billionaires.
She advised me to immediately dissolve 2 of my LLCs and amend a few of the expense pieces on my 2020 and 2021 filings, and pull the PDFs on any receipt above 5k. We report all revenues and I can’t imagine there’s anything egregious on the expense side, so I’m not freaked out by it, but it was an eye-opening call.
“This is not going to be a forward projection initiative. This is going to be retroactive….and it’s going to start to really roll out about 18mo from now.”
My CPA assured me that we/I should be fine, as long as my BK is able to handle the turnaround, but then told me that there are going to be a lot of small to midsize corps and ICs that get absolutely buried by this.
Class warfare unwittingly funded by the people, and planned/executed by the USFG.
Imagine voting for a 50b expansion of the surveillance state. -
Race was utilizing one of HCH's expressions, which originated from @TheKobeStopperthechatch said:
I don’t think I/we do either, but we have a little bit of unnecessary work ahead of us, in terms of organizing receipts against prior filings.RaceBannon said:I have nothing to hide
The amendments will be on legitimate equipment purchases with some cross-utilization between a couple of pass throughs and our primary corp and that’s it, is my understanding.
This just seems like a potential huge headache for sole proprietors and independent contractors -
Register as a Democrat.Pitchfork51 said:Wait so what's the move now
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citation needed
