Executive Orders - Taxes and IRS Updates [E155]

Thanks to our partners, NAPA TRACS and Promotive Welcome to this episode of Business by the Numbers! Host Hunt Demarest, CPA, explores the recent IRS developments and what they mean for business owners, taxpayers, and accountants alike. With executive orders, funding cuts, and shifting policies, there's plenty to unpack about the future of the IRS and tax compliance. Key Takeaways: IRS Funding Cuts: The Inflation Reduction Act promised $80 billion for the IRS, but political maneuvering and budget cuts have significantly reduced this allocation. Commissioner Resignation: The departure of the IRS commissioner raises questions about future agency direction and efficiency. Audit Frequency Impact: With fewer agents and reduced funding, audits for wealthy individuals and large corporations are likely to decrease. Taxpayer Challenges: Delayed refunds, processing slowdowns, and a backlog of cases could worsen due to IRS understaffing. Emerging Trends: Discussion on potential international tax changes and the possibility of an "External Revenue Service" impacting U.S. tax revenue collection. https://www.projectfinance.law/publications/2025/january/trump-executive-orders/ https://waysandmeans.house.gov/2025/01/23/president-trumps-cease-and-desist-to-irs-protects-middle-class-families-and-small-businesses-from-irs-audits-and-weaponization/ https://moneywise.com/a/ch-synd/irs-asks-for-more-funding_1737633682545 Thanks to our partners, NAPA TRACS and Promotive Thanks to our partner, NAPA TRACS Did you know that NAPA TRACS has onsite training plus six days a week support? It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice. Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com Thanks to our partner, Promotive It’s time to hire a superstar for your business; what a grind you have in front of you. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com. Paar Melis and Associates – Accountants Specializing in Automotive Repair Visit us Online: www.paarmelis.com Email Hunt: [email protected] Download a Copy of My Books Here: Wrenches to Write-Offs Your Perfect Shop The Aftermarket Radio Network: https://aftermarketradionetwork.com/ Remarkable Results Radio Podcast with Carm Capriotto https://remarkableresults.biz/ Diagnosing the Aftermarket A to Z with Matt Fanslow https://mattfanslow.captivate.fm/ Business by the Numbers with Hunt Demarest https://huntdemarest.captivate.fm/ The Auto Repair Marketing Podcast with Kim and Brian Walker https://autorepairmarketing.captivate.fm/ The Weekly Blitz with Chris Cotton https://chriscotton.captivate.fm/ Speak Up! Effective Communication with Craig O'Neill https://craigoneill.captivate.fm/