The NFIB (National Federation of Independent Business) reports the following:
"The IRS reports that 40 percent of small businesses pay an average penalty of $845 per year for late or incorrect payroll filings."
No wonder small business can't stand the IRS - and why they merge to become big business so they are powerful enought to stand up to the IRS - or why they fail and create the vacant buildings in small towns across Indiana.
No wonder so many people no longer try to start a small business and fill those vacant buildings - the cost is more than the penalties - it's also the time to deal with the forms and/or pay someone to help you with them.
However, the big government party (consisting of the Democratic and Republican factions) doesn't mind this one bit.
1 comment:
I can attest that complying with IRS and state requirements without getting fined is difficult for a small business owner. I incorporated my business a few years back and was immediately flooded with paperwork. I've managed to get somewhat of a handle on it all thanks to my accountant, but dealing with it all still takes large chunks of my time that I would rather use to serve my customers.
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