(Newswire.net — January 6, 2017) — Despite the number of tax professionals working on the market, we still have tax issues in certain departments. Individual taxpayers are still struggling with their returns as well as several more specific tax regulations. There are also issues with tax codes that not everyone understands, pushing the demand for tax-related services and tax professionals to a whole new level.
Universities are responding by making their masters degrees in taxation more accessible. Top names such as Northeastern University are preparing students for the common tax issues they may have to deal with when working for clients, including the taxation of fossil fuel and the repeal of estate tax. 2017 is also a year where a lot of new regulations and changes may be introduced, which means students and professionals must keep up with new tax codes and laws as well.
To learn more about the common tax issues, read the Six Issues in Taxation infographic by onlinebusiness.northeastern.edu.
Northeastern University’s Master of Science in Taxation Online Program
The U.S Tax code as currently embodied is just short of 74,000 pages. The federal tax code is 187 times longer than it was a century ago. Every individual citizen of the United States is obligated by law to comply with every line of that tax code. Tax complexity creates real costs for American taxpayers and the U.S. economy. Americans spend 6.1 billion hours and $233.8 billon complying with the tax code. Due to increasing tax complexity, over 90 percent of taxpayers now hire professional tax preparers or use tax preparation software.
The new Republican Congress under the leadership of Rep. Paul Ryan (Wisconsin) and the incoming Trump Administration have promised to simplify the tax code. Until then, both individuals and companies will continue to struggle to understand both their obligations and their opportunities as they exist under the current code.