Speculation among local tax experts is that New Jersey’s and other states’ budget woes are driving not only the recent uptick in audits — one firm reports five times the number of audits in 2009 versus earlier years. They also say that the deeper probing by auditors makes the process longer and more costly.
Other factors also are making finding offenders quicker and easier, the tax specialists say. Electronic tax filing and agreements between states to share information help tax officials track whether businesses are paying staff, storing goods or making profits beyond the borders of the states they’re registered in.
"In the last 12 to 18 months, we’re seeing state audits of a lot of small businesses," said Ted Carnevale, chief executive officer for accounting firm Gramkow Carnevale Seifert & Co. in Oradell. "You’re just seeing a higher number of audits in an attempt to raise additional revenues."
Carnevale and other accountants say audits from the New Jersey Division of Taxation have picked up among sole proprietorships and unincorporated businesses that are typically cash enterprises with no employees.
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Whatever money the state steals will be recovered by laying off another couple of employees....
ReplyDeleteThose are the breaks folks...get ready for another round of WHO'S LEFT WORKING!!
LOL!
It is absolutely clear now: the Congress and their police forces are debt collectors for the Finanical Elite - the Banksters.
ReplyDeleteFrom our childrens' mouths into The Banksters twenty million dollar yachts where they wine and dine their prostitute girlfriends (or boyfriends)while their wives back home stock up on diamonds and ivory.
Someday, maybe, there will be a reckoning. Or maybe not - sheeple are sheeple.
Desperate times calls for desperate measures. It is a true statement. As states, cities and feds get into more trouble they will look at ways to make you into a criminal so they can get into your pockets, steal your property and cover their gov. employees. Expect it. This ain't smoke it is just common sense. In fact I think I will go clean up the trash that the Democrats keep throwing in my yard so I don't get a ticket for it. Oh yea I forgot, I also have to pick up the dog crap from the Republicans letting their high brow dogs shit in my yard. I'm a little cranky today, sorry.
ReplyDeleteComrade Obama the Oligarch puppet will be leading the charge for the Federal side.
ReplyDeleteAs a small business owner I just love this type of shit.
ReplyDelete"Our" government spends 50k to "investigate" a small business owner; "fines" him 10 grand; business owner lays off 2 people to cover new expenditure and everything is just honkey dorey
We have people in Washington that have no idea what it takes to run a business and compete in 2010.
We are going down Capitain - Life rafts over aft bow.