Posted by Molly Nelson - Did you know that the volume of the tax code has almost tripled in size during the last decade - going from 1.4 million words in 2001 to 3.8 million in February 2010? The complexity of the nation's tax regulations has led the I.R.S.'s national taxpayer advocate, Nina E. Olson, to use her annual report to Congress to call for the overhaul of the tax code.
In her report, Olson "estimated that Americans spent 6.1 billion hours preparing their returns each year — the equivalent of 3 million employees working full time. By comparison, the federal payroll has 2.1 million full-time workers."
In the mean time, make sure you're aware of tax law changes that may impact your 2010 return, and remember to share with us how simplifying the tax code would affect your business at Tell Your Story.
[I.R.S. Watchdog Calls for Tax Code Overhaul]