Most folks are in a successful business because they love the work and the fruits of their labor. It’s also a fair assessment that very few business people like to do their taxes. The U.S. Tax code is large and daunting. Running afoul of it can bring the full power of the federal government to your door. Smart business people use competent and professional tax planning Lawrence KS.
The United States Tax Code: A Large and Complicated Document
In the United States, Congress has the power to levy taxes. The federal income tax, as we know it, was begun in 1913 when the 16th Amendment was ratified. Since then, the tax code has grown to an extremely large size and is filled with a myriad of confusing and obscure components. It is so large and cumbersome that even members of Congress – those charged with making tax law – complain about it:
- “The Internal Revenue Code and regulations add up to one million words and is nearly seven times the length of the Bible”, – U.S. Rep. John Hostettler (R, IN)
- “With its 6,000 pages and 500 million words, the complexity of our tax code is the prime source of frustration and anger felt by millions of Americans toward their government.”, – U.S. Rep. Spencer Bachus (R, AL)
Who Enforces The United States Tax Code
The Internal Revenue Service (IRS) is mandated by Congress to enforce the tax code. They do this using a variety of techniques. One of the most feared by the U.S. Taxpayer is the Tax Audit. Although less than 1% of filed returns are audited, those that are can be long and painfully picky.
Your best bet is to work with a professional tax planner. Doing so will free up your time, ensure accuracy, and put knowledgeable people in the position to save you money on taxes as well as help defend you should an audit occur.