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.
According to an article posted on Businessweek, a number of small business owners also seem to owe tremendous amounts in terms of taxes. In addition, these amounts have gone into the billions, which leads me to wonder what exactly caused this problem to begin with. Another point that the article spoke about were the tax gaps seen from one state to the next. For instance, in California, there is $10 billion seen annually in terms of taxes and $670 million of that money will be used for technology over the next five years.
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.
With so many fields in which taxes can be applied, it's clear as to why there is such a level of concern seen with this story. I had no idea that there were companies that owed as much as billions of dollars in taxes but it's clear that this is an issue. This is an idea that deserves not only the attention of accountants but society in general, especially those who would like to start their own businesses. For such individuals, make it a point to pay your taxes early on.
According to an article posted on Businessweek, a number of small business owners also seem to owe tremendous amounts in terms of taxes. In addition, these amounts have gone into the billions, which leads me to wonder what exactly caused this problem to begin with. Another point that the article spoke about were the tax gaps seen from one state to the next. For instance, in California, there is $10 billion seen annually in terms of taxes and $670 million of that money will be used for technology over the next five years.
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.
With so many fields in which taxes can be applied, it's clear as to why there is such a level of concern seen with this story. I had no idea that there were companies that owed as much as billions of dollars in taxes but it's clear that this is an issue. This is an idea that deserves not only the attention of accountants but society in general, especially those who would like to start their own businesses. For such individuals, make it a point to pay your taxes early on.
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If you would like to hire a Long Island accountant for your financial needs, take a second to visit CFO Consulting Services today.. Also published at State Tax Concerns & Suggestions From A Long Island Accountant.
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