Wednesday, March 17, 2010

Here's to April 15th

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Businesses, if they're off on their taxes by even a few cents, get huge fines. In NYS, for instance, businesses get a minimum 10% fine when submitting their quarterly sales taxes. For example if a business collects $5000 in sales tax and are off on their calculation by even a penny they are charged a minimum fine of $500 (10% of $5000).

Whenever I hear congressmen talking about making life easier for small businessmen I think about their equanimity concerning the existing state and federal laws and know that all they're doing is playing a game. If they wanted to help they would apply the same rules to the IRS -- and state and local governments -- that they set for banks, credit card companies and debt collectors.


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