Apr 12, 2007
Tax Gap Proposal Threatens Small BusinessesSource: SAF

The Society of American Florists (SAF) is working with small-business groups to ensure that any Internal Revenue Service (IRS) proposals to address the tax gap are not unfair to small business. The tax gap is the difference between what the federal government is owed and what it collects, and the amount is disputed. Some say it is as high as $345 billion, while others say it is $290 million.

Last month, the House Ways and Means Committee held a hearing on the issue. The administration’s budget for 2008 includes a provision to make new regulations that could affect many SAF members. Congress is pressuring the IRS to do better than the collection rate of 86 percent in order to find the funds they want and reduce the deficit. The IRS believes that much of the uncollected taxes are due to underreported business income from small firms.

The following proposals concern small businesses:

  • A proposal that would require information reporting on payments to corporations that provide services. It would require businesses to file a 1099 form for payment to corporations that provide a service to a small business valued at $600 or more in a calendar year.
  • A proposal to require businesses to obtain a certified Taxpayer Identification Number from contractors. The proposal would make verification mandatory, thereby adding an administrative burden.

SAF has joined the Coalition for Fairness in Tax Compliance, which is dedicated to working with the administration and Congress, to help improve tax compliance in a less intrusive and burdensome way.




Latest Photos see all »

Lupine Staircase series (Green Fuse Botanicals)
IMG_0518 copy
IMG_0469 copy
IMG_1488 copy
IMG_1587 copy
IMG_1517 copy
40under40
GPN recognizes 40 industry professionals under the age of 40 who are helping to determine the future of the horticulture industry. These individuals are today’s movers and shakers who are already setting the pace for tomorrow.
Hancock 1 2
James-Moylan_4.png
Erin_Kelly_North_Creek
Gapinski
IMG_8701
Unknown-3
JaredHughes1
raymer2
Screen-Shot-2015-05-11-at-11.16.28-AM

75 Applewood Drive, Suite A
P.O. Box 128
Sparta, MI 49345

616.887.9008
GPN September_Cover
Interested in reading the print edition of Greenhouse Product News? Preview our digital edition »

Get one year of Greenhouse Product News in both print and digital editions for free.

Subscribe Today »


Be sure to check
out our sister site.
website development by deyo designs