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Wednesday, February 28, 2024
HomeAt Home & BeyondIngoglia backs bills to block IRS expansion

Ingoglia backs bills to block IRS expansion

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State Sen. Blaise Ingoglia (R-Spring Hill) is backing a pair of bills that would shield the operators of small businesses in Florida from federal legislation that will fund the addition of 87,000 new Internal Revenue Service (IRS) agents. The federal funding was enacted in 2022 when President Joe Biden signed the Inflation Reduction Act spending bill. The addition of the agents is expected to affect small business owners operating in the
state significantly.

“The prospect of 87,000 more IRS agents is terrifying,” Ingoglia said. “So, while our friends in Congress try to derail funding for this ludicrous band of harassers, we, at the state level, are arming our small businesses with the tools they need to fight back if targeted due to political affiliation or ideological differences.”

SB 372/HB 507 Federal Taxation and SB 374/HB 509 Internal Revenue Service Civil Liability Trust Fund, sponsored in the Senate by Ingoglia and in the Florida House of Representatives by Rep. Toby Overdorf (R-Palm City), would require state-chartered financial institutions to provide regular reports on IRS engagements or inquiries about accounts held by Floridians.

According to Ingoglia’s office, that provision is intended to identify discrimination patterns or target certain businesses or individuals.

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The legislature would also require that Florida businesses receive a 1099 form from online apps reporting financial transactions of $600 or more and establish a Civil Liability Trust Fund to help Florida businesses defend or sue the IRS in connection with politically motivated audits.
SB 372/HB 507 Federal Taxation and SB 374/HB 509 Internal Revenue Service Civil Liability Trust Fund were filed on Jan. 25 for consideration during the regular legislative session slated to begin in March.

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