The Briefing Room

General Category => Economy/Business => Topic started by: jmyrlefuller on April 11, 2014, 10:56:14 am

Title: Tax code's complexity bigger problem for small businesses than tax bill itself
Post by: jmyrlefuller on April 11, 2014, 10:56:14 am

http://m.bizjournals.com/buffalo/news/news-wire/2014/04/10/tax-codes-complexity-bigger-problem-for-small.html

by Kent Hoover
April 10, 2014

The biggest tax problem for small business owners isn't the amount of money they owe the government, it's the time and money it takes for them to figure out what that amount is.

That point was driven home this week by a survey by the National Small Business Association, and testimony to Congress by NSBA member Tim Reynolds, who owns Tribute Inc., a 38-employee software company in Hudson, Ohio.

A majority of the small business owners surveyed by NSBA said the administrative hassles of complying with the federal tax code are a bigger burden than their tax bill itself.

Nearly 60 percent of small business owners spend more than 40 hours a year dealing with federal taxes, the survey found.

(excerpt)

Title: Re: Tax code's complexity bigger problem for small businesses than tax bill itself
Post by: jmyrlefuller on April 11, 2014, 01:18:02 pm

Quote from: Loki on April 11, 2014, 11:48:04 am

Is this just income taxes, or does it include sales tax, payroll and employment tax compliance as well?

I would suspect it's the mass compilation of everything, although payroll/employment tax compliance is relatively straightforward compared to income taxes, deductions, etc.

Title: Re: Tax code's complexity bigger problem for small businesses than tax bill itself
Post by: Bigun on April 11, 2014, 01:44:13 pm

On the order of $500 Billion are wasted complying with the income tax every year!

Can anyone say STUPID???