October 27th, 2017
TAX UPDATE... Tax notice avalanche hits small businesses
An onslaught of tax notices hitting about 46,000 of Pennsylvania's smallest companies has business owners and tax professionals alike scratching their heads — and, in some cases, digging through massive piles of receipts.
These reviews have caused headaches, and sometimes substantial costs, for one-man and mom-and-pop shops as they struggle to figure out how to substantiate what they say are run-of-the-mill business expenses, according to tax practitioners and small business advocacy groups.
State officials have acknowledged issues with the reviews and say they have changed their procedures to make the process easier for business owners. Some tax professionals, though, remain skeptical.
Source: Central Penn Business Journal 10/27/17
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David S. Baboian, CPA