Small business accounts for much of this country's economy. OK. But it also accounts for much of this country's growing tax gap - the difference between taxes owed and taxes paid. A recent IRS report estimates that the tax gap now measures $450 billion a year, and it says that small business accounts for a large amount of underreported income. Some observers have called this a disgrace.
... [S]mall business creates most of the new jobs in this country, and we desperately need new jobs. That theory is accepted as gospel. But is it true? Marty Sullivan's recent posts on the theory have made it look more like Swiss cheese than a bible.We hear a lot about corporate tax reform and comprehensive individual tax reform, but not about reforming how we tax small business. The way we currently tax small business is ineffective and, I'll say it again, stupid.That is why Tax Analysts is holding a conference January 20 on taxing small business. We have put together an excellent panel, and we anticipate a lively discussion. As with all our conferences, it is open to the public. In addition, you can click here to register to listen to the audiocast of the conference. And feel free to comment here and share your ideas regarding small business tax policy.
View TaxAnalysts®' Chris Bergin's opinion in its entirety on TAX.com.
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