Scared Straight
The IRS is threatening to conduct more audits. Should you be worried?
By Julie Monahan •
Opinions expressed by Entrepreneur contributors are their own.
Resisting any moves toward tax hikes, the Bush administrationwants the IRS to step up enforcement, presumably to help offset theballooning budget deficit. That could mean more audits forindividuals and businesses, a daunting prospect for busyentrepreneurs.
In February, the administration asked Congress for an extra $500million for the IRS, raising the agency's enforcement budget to$6.89 billion--a 7.8 percent increase over last year's budget.Many observers, however, dismiss the increased funding as simplesaber rattling.
Continue reading this article — and all of our other premium content with Entrepreneur+
For just $5, you can get unlimited access to all Entrepreneur’s premium content. You’ll find:
- Digestible insight on how to be a better entrepreneur and leader
- Lessons for starting and growing a business from our expert network of CEOs and founders
- Meaningful content to help you make sharper decisions
- Business and life hacks to help you stay ahead of the curve
