According to new information from the Government Accountability Office (GAO), sole proprietors (SP’s) are one of the main culprits of contributing to the Tax Gap. At least 61% of sole proprietors are underreporting their net business income. Of that, 10% of SP’s understatements range from 6k-18k.
The GAO is recommending the Treasury Department come down hard on SP’s, so it may be a good time to get your act together.
GAO also estimates that $68 billion of the $345 billion tax gap is from the shameful SP’s
Keeping Your Business N Synergy (sans shame)