Check out the timestamps below to help you navigate through the many topics we discussed.
On This Episode:
Last year, President Biden signed the Inflation Reduction Act into law, and one of the items that received many of the headlines was the $80 billion allocated to the Internal Revenue Service.
Not only is that a huge amount, but it also included adding nearly 90,000 new IRS agents. That news concerned quite a few people, which makes sense, but it’s also not a surprise when you consider that the IRS has its fewest auditors than at any point since World War II. So the help is clearly needed and the technical infrastructure can certainly use an upgrade as well.
This will impact every taxpayer but what does it mean specifically for CRNAs and other nurses. Your work earns a nice paycheck every year so tax changes will have an impact on you. Plus, there’s a lot to pay attention to if you’re a business owner or a 1099 worker, which is a group that many CRNAs will fall into.
There’s much more to the budget than just adding more auditors, but that is an obvious concern for many Americans. Keep in mind that we expect audits for anyone making under $400,000 to likely increase at a slower rate than for people making more than that amount. Not that it should impact you if you’re doing the right things, tracking your business, and getting the right advice.
Now is a great time to work with a Certified Financial Planner® like Jeremy to make sure you’re doing all the necessary tax planning so that you are keeping as much of your money as possible in retirement.
If you can take advantage of the tax laws while staying within the confines of the law, that’s exactly what you want to do and what Jeremy can help you with. That will also keep you from worrying too much about this recent legislation. But as always, reach out with any questions you have – tax-related or not – and we’ll be happy to answer them.
Here are some of the things you’ll learn on this show:
- Background on why we’re talking about the IRS today. [2:25]
- How is this money being distributed and what will it be used for? [6:58]
- The IRS has the fewest auditors than at any time since WWII. Let’s look at some of the current auditing data. [11:48]
- How can CRNAs that are 1099 plan for this legislation? [16:42]
- Some final advice for CRNAs from Jeremy. [20:51]
Contact CRNA Financial Planning here: https://www.crnafinancialplanning.com/
Check out the interview at the top of the page and use the timestamps to help you navigate through the many topics we discussed.
The funding is really going to impact everybody who’s a taxpayer because the IRS is going to be able to upgrade their systems. We’re actually going to be able to get information from the IRS when we need to. And their service, which is horrible now, is going to get better. Or at least we hope it gets better.
–Jeremy Stanley, CFP®