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There is a lot of news about how large corporations evade taxes. Businesses commit tax evasion the same way individuals do: they under-report income, overstate deductions, claim too many tax credits, and sometimes hide money through laundering or illegal accounting schemes. The Tax Gap is the difference between how much the IRS should collect and how much it actually collects; in 2010, the Tax Gap was $458 billion. However, small business owners are actually the largest single contributor to the Tax Gap. Before the recession, a quarter of sole proprietors reported losses; among those, 70% were estimated to be noncompliant. Under-reporting of business income and self-employment tax by small business owners accounts for $190 billion, or 41% of the $458 billion Tax Gap. Corporate under-reporting accounted for $41 billion or 9% of the Tax Gap. Large corporations (whose assets exceed $10 million) accounted for $28 billion, or only 6.1% of the $458 billion Tax Gap. In summary, small business owners and the self-employed under-reported $190 billion, over six and a half times more than the $28 billion under-reported by large corporations! After reading these statistics, do you find it surprising that small businesses are under-reporting income so much more than large corporations? Explain why these figures may (or may not) surprise you. Why do you think small business owners are under-reporting so much more than the large corporations? Address these requirements with no less than 450 words. ...

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small businesses are under-reporting income so much more than
large corporations?
Explain why these figures may (or may not) surprise you.
Why do you think small business owners are under-reporting so
much more than the large corporations?
Address these requirements with no less than 450 words.

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1. Amount of Retained Earnings The IRS permits both types of corporations to retain some profits for business purposes. At the end of the year, corporations that need money to upgrade facilities and purchase equipment can retain earnings from being distributed to their shareholders. Regular corporations can retain up to $250,000 in earnings, while personal service corporations can only keep up to $150,000. Corporate Tax Rates One of the benefits of operating a corporation is the favorable tax treatment from the IRS. A corporation is the only business structure in the United States with its own tax rates. Corporations benefit from tax rates as low as 15 percent. However, personal service corporations don’t get to take advantage of these low tax rates. In fact, most personal service corporations are charged a flat tax rate of 35 percent on all profits, as of publication. S Corporations The subchapter S corporation is a smaller version of a regular corporation. It can only have up to 100 shareholders and one class of stock. The model used to tax S corporation profits is the pass- through method. Under this taxation model, S corporations do not pay income taxes at the company level. Instead, profits are passed through to its shareholders and taxed as income on their individual tax returns. Other Differences Because profits flow directly to shareholders, the pass-through taxation method isn’t structured for S corporations to retain earnings like personal services corporations. However, this method prevents S corporations’ profits from being double taxed. Regular and personal service corporations’ profits are taxed twice at the corporate level and again when they reported on the shareholders’ individual tax returns as income. Also, S corporations cannot deduct fringe benefits as business expenses given to employee-shareholders who own more than 2 percent of the business. 2.High federal taxes can affect the size and strength of the small business population in several ways. They can reduce the number of business births by discouraging those who might otherwise form new businesses. Second, they can slow down the rate at which small businesses are able to grow by making it more difficult for them to finance a rapid expansion. And third, they can weaken the desire and the ability of small concerns to survive as independent enterprises by making the gains from a sale or merger look more attractive than the income to be derived from continued operation. It can be argued from the experience of individual firms that high taxes have done all three of these things, but there are no data that indicate the extent of the impact in any of these directions. Nevertheless, there is some evidence that the high taxes which have been imposed on most businesses during and since the last war have hurt many of the smaller concerns more severely than they have the larger ones. Unless it has been expected to have spectacular growth, the small dynamic business has been hand.

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