Tax Crisis of the 21st Century
A Thought Leadership Article from Ellis
Did you know, 99% of private biz & their owners pay more tax than the law requires?
The GAO, IRS & the Huffington Post reported that in 2016.
It’s the tax crisis of the 21st Century and it probably means you are paying more tax then the law requires. If that continues it will eventually suck out your lifeblood & blow up your business.The businesses I’ve repaired will eat your lunch if you find yourself up against them in a competitive situation.
We discovered that issue 6 years before the GAO, IRS & HuffPo reported it. Since then, we’ve saved millions of $$ for hundreds of biz.
Our purpose is to save the American Enterprise System one business at a time. But there’s only one me and 28 million of you. We may not make it.
That’s why we’ve begun our outreach program.
Two underlying issues result in this phenomena. The increasing complexity of the tax code, and practitioner talent.
COMPLEXITY. In 1939 the tax code was 504 pages. In 1984 it was 26,300 pages. Today it’s 77,00 pages. Tax complexity grows geometrically as the tax code grows linearly because it interacts with RevProcs, Regs, private rulings and litigated results.
TALENT. As tax complexity increases, more practitioners reach the limit of their capabilities and are overwhelmed by the complexity. Many (most?) resort to a discredited practice of plunking the same old numbers on the same old forms year after year. It’s so widespread it has its own acronym, SALY, Same As Last Year. They just fill out forms.
There are three kinds of tax practitioners: (1) Practitioners that fill out tax forms. By far the majority. (2) Intellectuals who make the law their focus. Google screwed their value when they put everything on your phone. (3) Tax strategists. They make everything work. By leaps & bounds the minority.