- By Wayne Rodrigo
- (General Dispatch) – Joe Biden designs a strategy that aims to increase the operations of the Internal Revenue Service, a policy that will be effectively monitored by the tax body to force companies to comply with the declarations.
- According to the new White House administration, the IRL does not perform its functions efficiently, which is why it must now conduct an annual audit to verify the total amount of the fiscal year, which currently does not exceed 50% of audited companies.
- Therefore, the plan will counteract the scarce corporate audits, and ensure that the entities pay the full amount of the tax, under the guidelines established in the law.
- However, the essential purpose of the new tax policies is the state’s need to provide economic resources to guarantee the coverage of the nation’s public expenditure.
- Accordingly, under the new guidelines dictated by the IRL, companies will have no options to evade paying taxes; violations of the tax code are over, said one of Biden’s representatives.
- In short, this is yet another of Biden’s executive orders, which together with the new tax rates that will go into effect in the next few days, will continue to strengthen the nation’s economic recession.
- Economic specialists commented that raising tax rates at a crucial moment in the country’s economy after the effects caused by the pandemic is not a favorable decision.
- In this order of ideas, companies should wait for the fiscal policies that will come into effect to indicate the mechanisms to be followed, in order to guarantee legislative compliance.
Adittional Information:
Breitbart: Biden’s Infrastructure Plan to Fund IRS ‘Enforcement’ on Businesses
White House: FACT SHEET: The American Jobs Plan
