Many accountants aren't even aware yet, meaning that some people who have already filed their business taxes for 2022 will end up owing the stratospherically higher bill PLUS interest and potentially penalties when the IRS notices (or their accountant notices and they re-file). The IRS starts charging interest as of the due date.
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I don't think small software companies in the US realize how much this is going to cost them.
Some folks are seeing an increase in taxable income of 466%: https://twitter.com/LandonB32/status/1636026627887964162
It's so, so bad.
Many accountants aren't even aware yet, meaning that some people who have already filed their business taxes for 2022 will end up owing the stratospherically higher bill PLUS interest and potentially penalties when the IRS notices (or their accountant notices and they re-file). The IRS starts charging interest as of the due date.