Tax Complexity and the IRS
» Tax Complexity and the IRS, Volume 6, Issue 6, 2006
I am going to list several provisions of the Federal Tax Code that may apply to your business. Please tell me if you have a good understanding of the provision, a moderate understanding, little understanding, or you rely on your tax preparer to understand the provision for you. If the tax provision does not apply to your business, just say so.
4F. (tax provisions) Pension plans/Profit-sharing.
| Response | ||||
|---|---|---|---|---|
| 1 | Good understanding | 10 | ||
| 2 | Moderate understanding | 15 | ||
| 3 | Little understanding | 8 | ||
| 4 | Rely on tax preparer to understand for me | 35 | ||
| 5 | Does not apply | 31 | ||
| 6 | DK/Refuse | 1 | ||
| Total (%) | 100 | |||
| N | 751 | |||
Notes: Twenty-five (25) percent of small-employer taxpayers think that they have either a "good" or "moderate" understanding of the tax rules governing pension plans and/or profit sharing plans (Q#4F).
