Last month Commissioner Rettig testified before the Senate Finance Committee, and he stated that the tax gap could be approaching $1 trillion annually. That got a lot of attention, especially as the IRS’s own official tax gap estimates pegged the average gross tax gap at $441 billion per year, though it is based on data from 2011-2013. There’s also a lot of attention in general to possible changes to the Code as a part of the administration’s proposed legislation including many recommendations related to tax procedure. Some people are predicting that this could be the biggest year for changes to tax procedure since 1998.
Today the Senate Finance Committee’s Subcommittee on Taxation and IRS Oversight will be holding a follow up hearing on the tax gap. The testimony will be live streamed starting at 2:30.
We will update this post later with links to the written testimony of the witnesses.
Why Taxes? Why Now?
"We opened up shop here in the Wylie, Sachse, Murphy area in 2018 with a passion to help start-ups and small businesses get on top of their bookkeeping,” Allen explains.
“What we found was a lot of folks just don’t get the tax game. And now that there are new laws and regulations, many are starting to panic; but trust me, small businesses have everything to gain with the new Section 179 Deductions.
“After filing a few late returns, in that first year, we learned that there is a real need for some tax expertise. We spent a good part of 2018 getting up to speed on tax law, and now I am an Enrolled Agent, federally licensed to practice before the IRS on behalf of my clients and anyone else who may be facing the daunting ‘IRS boogie man.’
“During tax season, we are prepared to handle it all.
For individuals we have helped folks with past-due tax returns and work with the IRS to eliminate all penalties... sometimes we given get rid of the tax debt itself.
For companies the biggest problem businesses of all sizes have is filing and paying their payroll taxes - both state and federal - on time. The rules for 940s and 941s are extremely confusing so we have helped a lot of companies catch up.
If they like our work, they sometimes retain us for bookkeeping and payroll.
To sign up for our free weekly newsletter go to our homepage www.ExecutiveTaxSolution.com to sign up for our free monthly newsletter and receive year-round tax tips.
(469) 262-6525 services@executivetaxsolution.com www.executivetaxsolution.com
