Florida Chief Financial Officer Jimmy Patronis has announced a draft bill designed to shield small business owners from increased scrutiny by the IRS. According to BloombergLaw, the proposal is part of Patronis' four-part "IRS Protection Plan to Fight Back Against a Shakedown Targeting Florida."
The proposal comes after criticism of the Biden administration's plan to add 87,000 IRS personnel as part of an $80 billion package recently signed into law. Many Republicans believe that the additional auditors will target middle-class households, though the White House disputes that claim.
In an attempt to monitor IRS activities, Patronis wants lawmakers to create a system that permits Florida state charted banks to report any IRS activities. Patronis believes this would help lawmakers understand the severity and frequency of federal agents accessing Florida's banking information. Patronis added that the information would help Floridians understand where the IRS would target them so that they can fight back against potential discrimination.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
