Americans owning businesses earning less than certain designated amounts in gross income would pay reduced user fees to the Internal Revenue Service (IRS) under legislation sponsored on Feb. 2 by U.S. Sen. Marsha Blackburn (R-TN).
“I often hear from business owners across Tennessee fed up with exorbitant fees that leave them at risk of non-compliance,” Sen. Blackburn said. “The IRS User Fee Reduction Act takes an important step toward making IRS services more accessible to everyday businesses, preventing massive government overreach, and providing much-needed relief in Joe Biden’s economy.”
Sen. Blackburn’s staff said the legislation would require the IRS to reduce user fees by 95 percent for businesses earning less than $2.5 million in gross income.
Mark McBride, president of Cox Oil Co., in Union City, Tenn., endorsed the bill. “This bill lowers IRS fees for businesses, which is especially helpful during these times of high inflation, McBride said. “I appreciate Senator Blackburn working on behalf of small business owners across Tennessee.”
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