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Last year, President Biden signed the Inflation Reduction Act (IRA) into law. One of the IRA provisions that topped many headlines was the nearly $80 billion in supplemental funding allocated to the Internal Revenue Service.
Not only is $80 billion a massive sum, but over half of this money will be utilized to add nearly 90,000 new IRS agents – leaving many to wonder, “Will I be audited?” However, this allocation of funds shouldn’t come as a surprise as the IRS currently employs its fewest number of auditors since World War II. To put this in perspective, the population of the US has grown by over 100 million just since 1970, notwithstanding the intricacies that have been added into the tax code over the past half century. Additional human resources are clearly needed, and if you’ve ever tried dealing with the IRS, you know that the technical infrastructure can certainly use an upgrade as well.
This will impact every taxpayer, but what does it mean specifically for CRNAs? Your chosen career earns a substantial paycheck every year, so tax changes will have an impact. And you certainly don’t want to forget the additional tax complexities if you’re a CRNA business owner or 1099 contractor…
There’s much more to the budget than simply adding supplemental auditors, but that is a top concern for many CRNAs. Keep in mind that we expect audits for CRNA taxpayers earning under $400,000 annually to likely increase at a much slower rate than audits for those CRNAs earning more than $400,000 annually. Not that audits should significantly impact you if you’re doing the right things, appropriately tracking your business, and getting the right advice.
Now is a great time to work with a firm that understands the specialized financial and accounting needs of CRNAs. In order to preserve as much of your hard-earned money as possible, it’s more important than ever to make sure you’re doing the necessary tax and financial planning. If you can take advantage of the tax laws while staying within the confines of the law, that’s exactly what you want and this is where our firm can help.
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