Biden’s $80 billion plan to beef up IRS audits may target wealthy small business owners

President Joe Biden is asking for $80 billion to help the IRS crack down on tax avoidance from wealthy Americans and big corporations.

The proposal seeks a boost in enforcement staffing, technology and additional bank reporting, measures that may generate an estimated $700 billion in tax revenue over the next decade.

However, some financial experts say the plan may spark more audits for certain small businesses.