Starting and growing a business takes grit and determination. Unwarranted government intrusion from the Internal Revenue Service (IRS) should not add to the challenge.

After the last election, unelected bureaucrats released a new regulation unlawfully changing the tax code targeting business partnerships that utilize a routine practice known as “basis shifting” to adjust the tax basis of assets.

The regulation is being enforced by a new special unit of tax investigators paid for by the Inflation Reduction Act, a massive government spending bill that dramatically expanded the IRS. 

The IRS’s unit subjects law-abiding businesses to time-consuming audits and excessive penalties. The agency’s new rules enable it to shake down $100 billion from taxpayers. That’s capital businesses could be deploying to create more opportunity and invest in the future.

The new rules force business partners to review years of their tax records and report transactions when they have already submitted all the necessary information to the IRS in previous filings. It’s clear the IRS is less focused on modernizing and more interested in harassing taxpayers with more red tape.  

As a leader on the powerful House Ways and Means Committee, Arizona Representative David Schweikert is rightly focused on scrutinizing how the IRS is spending our hard-earned money and failing to improve basic services to taxpayers. He wants accountability and to stop runaway spending in Washington.

As Republicans begin the task of unwinding many of President Biden’s misguided policies that penalize businesses, Rep. Schweikert must urge President Trump and his administration to eliminate this dangerous “basis-shifting” rule and send the IRS special enforcement unit packing.

President Trump is focused on downsizing government and creating a regulatory environment where businesses can thrive.  He can help end IRS abuse of taxpayers and help us gain the respect we deserve.

Suzanne Klapp is a former member of the Scottsdale City Council and local business owner. Please send your comments to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.

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