Tax Fact #5: The IRS Assessed $45B in Added Taxes in 2010
Fact: The IRS assessed nearly $45 billion in additional taxes as the result of audits in 2010.
The old saying that “ignorance is no excuse” is certainly true when it comes to taxes. Even though the U.S. tax code is over 72,000 pages long, business owners are expected to understand all of the government’s requirements for running their operations correctly. A little knowledge can go a long way in keeping you from paying extra money to the IRS or becoming the target of an audit.