It'll be interesting to see if anyone on here reports any horror stories in about 16 months.Either way, it could do damage to people who do not deserve it, but it can get people who avoid paying taxes to pay them. So as stated before, like everything in regards to taxes, there is always a catch 22.
Personally, I had a hobby business that I registered and for which I payed income taxes. I finally declared it shut down last year after 3-5 years of reporting no income or expenses and still somehow paying more in taxes and tax processing fees simply because of its existence. My tax return actually went higher and I was worried it would lead to an audit. Then I got caught up in the Covid/Covid Relief IRS delays and I was extremely worried I was getting audited. In the end I'm a small fry who never dealt with more than $1,000/year even when the business was active and nobody (including the IRS) cared about the existence (or lack there of) of my business.