Imagine a world in which the Internal Revenue Service not only collects your taxes but also prepares the annual returns for your business. In this scenario, which is inherently problematic because it presents a clear conflict of interest, the same IRS employees who conduct audits will figure out how much business tax you owe or would be able to deduct.
The aforementioned scenario is currently being considered by IRS directors, and it will be subject to research studies and public opinion in the months to come. Members of the United States Congress will have the last word on this matter, but early reactions suggest that this is not going to be well-received by the private business sector.
The goals of professional business tax preparation in Goodyear, AZ go beyond the compliance aspect of filing tax returns. You know that this has to be done each year because it is the law, but what about the financial analysis that should be conducted as part of keeping your business operational and competitive? When you opt for business tax preparation in Goodyear, AZ, you get more than just the completion and submission of federal and state forms. Modern tax preparation firms services also offer bookkeeping, payroll, and general accounting; this makes it easier to figure out taxes, deductions, credits, depreciation, and other important aspects of doing business.
In 2022, the National Bureau of Economic Research conducted a survey and analysis of the IRS proposal to prepare the taxes of all Americans, and the findings suggest that doing so would result in error rates greater than 50%. This alone should dissuade the IRS proposal, but there are many other issues that cannot be ignored.