Wednesday, August 15, 2007

Sole Proprietor Shame

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)

No comments: