Taxes, as we all know, are utilized in order to take care of certain matters in the real world. For example, when roads have to be built or maintained, it's more than a safe bet that taxes are going to be utilized. With that said, though, it seems like there is a growing problem in terms of unpaid taxes and it wasn't until I read a recent report that I learned just how serious this was. After looking at said report, I am sure that just about any Long Island accountant will be able to agree.
As told in a report on Businessweek, there are many small business owners that are responsible for taxes that have not been paid. They have also gone into the billions, which is a tremendous piece of news to put it mildly. Another aspect that the article covered was the idea of tax gaps, each of them varied depending on state. In California, for example, there is an amount of $10 billion seen on an annual basis as far as taxes are concerned and, over the next half a decade, $670 million will be utilized for technology purposes.
The idea of businesses owning such tremendous amounts of money in taxes is concerning when considering that there are many facets that they are used for. Let's say that you commute to school and, in order to get there, you have to take the bus. Taxes keep public transportation moving, so if there aren't any taxes to be seen, said transportation cannot effectively operate. While we are nowhere near this point as a society, it is a concern that I would not be surprised to see addressed.
Many authorities in the realm of finance, CFO Consulting Services included, will be able to tell you about the proposed idea of states placing greater restrictions as far as taxes are concerned. Big data was talked about and one of the reasons for this was how it was able to help companies in the past. As it stands, tax collectors have the chance to use big data as well in tandem with car dealers and other such companies. Keep in mind that this is just one of the methods that many a Long Island accountant can attest to.
Until you start to see the areas in which taxes are used, you may not understand just how important this news really is. The idea of billions dollars in taxes not being paid off is concerning and it is one that, in my view, should be focused on more often. Accountants are not the only ones that should be focusing on the news in question but, in my view, it is a start. If you are a business owner and you do not want to be penalized, it is in your best interest to pay your taxes as soon as possible.
As told in a report on Businessweek, there are many small business owners that are responsible for taxes that have not been paid. They have also gone into the billions, which is a tremendous piece of news to put it mildly. Another aspect that the article covered was the idea of tax gaps, each of them varied depending on state. In California, for example, there is an amount of $10 billion seen on an annual basis as far as taxes are concerned and, over the next half a decade, $670 million will be utilized for technology purposes.
The idea of businesses owning such tremendous amounts of money in taxes is concerning when considering that there are many facets that they are used for. Let's say that you commute to school and, in order to get there, you have to take the bus. Taxes keep public transportation moving, so if there aren't any taxes to be seen, said transportation cannot effectively operate. While we are nowhere near this point as a society, it is a concern that I would not be surprised to see addressed.
Many authorities in the realm of finance, CFO Consulting Services included, will be able to tell you about the proposed idea of states placing greater restrictions as far as taxes are concerned. Big data was talked about and one of the reasons for this was how it was able to help companies in the past. As it stands, tax collectors have the chance to use big data as well in tandem with car dealers and other such companies. Keep in mind that this is just one of the methods that many a Long Island accountant can attest to.
Until you start to see the areas in which taxes are used, you may not understand just how important this news really is. The idea of billions dollars in taxes not being paid off is concerning and it is one that, in my view, should be focused on more often. Accountants are not the only ones that should be focusing on the news in question but, in my view, it is a start. If you are a business owner and you do not want to be penalized, it is in your best interest to pay your taxes as soon as possible.
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If you would care to employ a Long Island accountant for your financial needs, take a second to visit CFO Consulting Services today.. Unique version for reprint here: Can A Long Island Accountant Cover Current State Tax Issues?.
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