TAILIEUCHUNG - The Tax Debts of Small Business Owners in Bankruptcy

To discourage the tendency of splitting the procurement orders to remain within their authorized limits the Transaction Authority will have to obtain the consent of the relevant Approval Authority in case the order for the same goods and services are being placed for the second time during the year. For proper procurement planning and announcement the Transaction Authority should begin procurement planning at least six month before the close of the year prior to the budget, list the individual procurements and decide procurement methods for . procurement by the Open Tender, Direct Contracting or Negotiated Tendering. When an employee having delegated approval authorization. | The Tax Debts of Small Business Owners in Bankruptcy by Rafael Efrat Porter Ranch CA 91326 for Office of Advocacy advo Under contract no. SBAHQ-06-M-0515 Release Date February 2008 This report was developed under a contract with the Small Business Administration Office of Advocacy and contains information and analysis that was reviewed and edited by officials of the Office of Advocacy. However the final conclusions of the report do not necessarily reflect the views of the Office of Advocacy. SBA Small Business Research Summary Office of Advocacy Advocacy I advo I Advocacy the voice of small business in government February 2008 No. 317 The Tax Debts of Small Business Owners in Bankruptcy By Rafael Efrat 2008. 36 pages. Porter Ranch CA 91326 under contract no. SBAHQ-06-M-0515 Purpose The objective of this study is to investigate the burden tax obligations impose on small business owners both individuals and entities at the time of their bankruptcy filing. This is an important area to study given the existing documentation on the adverse impact tax debts have on the financial viability of petitioners both before and after bankruptcy filing. Overall Findings This study documents the pervasiveness and the magnitude of the tax burden among small business owners in bankruptcy. The data suggest that the tax burden is more pervasive among small business owners in bankruptcy than among consumer petitioners. While fewer than one-quarter of all consumers in the bankruptcy sample reported tax debts more than half of individual small business owners reported owing some tax debts. Individual small business owners in bankruptcy proceedings who are encumbered with high tax debts are generally in a precarious financial condition and are worse off financially than small business owners who have low or no tax debt. Highlights Men who constituted percent of the sample were significantly more likely to be in the bankruptcy sample compared with the general .

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