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September 22, 2004
Here Comes the Tax Man
Not only do growing companies have to worry about a tax increase, but now the IRS has decided to target small businesses for an increase in audits. And many entrepreneurs don't have a clue.
"The survey...revealed that more than 60% of the CEOs weren't aware that the IRS is beefing up staff in order to target companies with assets valued between $10 million and $250 million. In March, IRS Commissioner Mark Everson requested a 5% budget increase and 5,000 additional agents for 2005."
Read about it at Inc.com. And remember, they let some of these accountants carry guns!
Posted September 22, 2004 06:39 AM
Comments
Entrepreneurs that don't know the IRS is beefing up on agents need to think about hiring a proficient tax-planner. If your company has assets between 10 and 250 million, the helpfulness for a great tax planner can save an incredible headache. It also seems odd that such a high percentage of CEO's could be so ignorant to one of their company’s main expenses, Federal Income Taxes and the IRS's regulation of their businesses.
Posted by: Dan Soukup at September 30, 2004 06:11 PM
at Belmont University in Nashville, Tennessee. He consults with a variety of businesses on start-up and growth related issues, and with larger corporations on re-establishing entrepreneurial cultures within their organizations. Dr. Cornwall's current research interests include entrepreneurial finance and entrepreneurial ethics. He has authored or co-authored four books.
