New reporting requirements ahead...
Tax Crackdown Will Cost Small Business – Interesting look at some of the new rules being proposed by IRS to tackle their perceived tax gap.
Businesses would have to report their payments to other corporations to the IRS.
Business would have to verify Taxpayer Information Numbers (TINs) of contractors and withhold taxes when they can't be verified.
Penalties for lapses in information reporting would be increased.
More individual taxpayers would have to file information reports.
Local governments will have to report too.
Again, these only go to prove my contention that there will always be plenty of work for us tax practitioners. Tax Simplification is something that we will never see, as our rulers in DC continue to make the system ever more complicated.