Many of the larger companies have been bailed out for being “Too Big To Fail” and many other large companies pay little or no tax by shifting income offshore to lower tax countries.
With ever increasing budget crises at the Federal, State, and Local levels, these governments are looking to increase revenue. Rather than making the difficult but necessary spending cuts and becoming more efficient like the rest of us, they have hired additional staff to increase revenue by stepping up audits and collection activity. This problem will continue and is likely to get worse as governments at all levels need to collect cash for their on-going needs.
This has made running a business or even filing your income taxes that much more difficult and potentially costly if you have a misstep on your tax return. Many business owners have unknowingly not been in compliance with the tax laws and have found themselves owing tens of thousands of dollars in taxes and in some cases even being charged criminally for violations.
Other taxpayers have also unknowingly failed to file their tax returns correctly, neglecting to take advantage of tax credits that could have put thousands of dollars into their pocket. In this case, the tax authorities often remain silent allowing the statute of limitations to pass, eliminating the ability of the taxpayer to make claim for their just refund.
Our team has the experience needed to keep you in compliance with the taxing authorities, have you pay the least amount of tax required by law, and offer you a “Peace of Mind Guarantee.” We will solve your tax problems and ensure that you’re ready if and when the tax audit comes.
Schedule your free consultation today and we will show you what Young & Company CPAs can do for you!– David G. Young, CPA, Managing Partner