votrechien - 5:46 am on Dec 9, 2011 (gmt 0)
I'm just wondering if companies would have to get 51 tax identification numbers (including D.C.) thus, effectively, having to file 200 more quarterly sales tax returns annually, assuming they already file four now for whatever state they are in. That is a lot of paper work. On the really negative side, that could subject a company to 51 separate audits if the laws are not crafted well.
That's precisely what me, and I'm sure most smaller businesses, are worried about. For all the talk Washington is doing about simplifying tax codes (memories of Perry's palm sized tax return come to mind) this could possibly be one of the single biggest bureaucratic nightmares ever for small businesses.
On the really negative side, that could subject a company to 51 separate audits if the laws are not crafted well.
Exactly. Assuming 1% of businesses get randomly audited (a generous number albeit), that would mean an audit every other year. What a nightmare that would absolutely inhibit entrepreneurship.
Congress can do this right and create a situation that is a minimal burden to consumer and businesses. They can also do this completely wrong and make it a nightmare for everyone.