Tax Compliance Burden on Business

The Tax Foundation found that the cost of tax compliance in the U.S. in 2024 will exceed 7.9 billion hours and $546 billion. One third of this burden falls on individuals, while two-thirds is on businesses. In fact, the compliance cost for pass-throughs claiming the 20% qualified business income deduction is over $19 billion. The only solution to this compliance burden is to make the tax rules simpler. Will this happen? Not likely. #IdeaoftheDay