The Internal Revenue Service (IRS) and U.S. Treasury have already - TopicsExpress

The Internal Revenue Service (IRS) and U.S. Treasury have already issued thousands of new rules and regulations including: 40 notices, 17 regulations, 5 revenue procedures, 2 revenue rulings and 14 Treasury decisions. There are over 80 million hours of rules and regulations that American businesses and families have to comply with. Some examples of the annual burden in labor hours include: Return of the organization exempt from income tax under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code : 25,766,156 hours. Form 3800, General Business Credit: 5,307,500 hours. Credit for Small Employer Health Insurance Premiums: 40,189,456 hours. Quarterly Federal Excise Tax Return: 4,366,381 hours. These estimates come from the IRS and are approved by the Office of Information and Regulatory Affairs. With all the time put in trying to comply with regulations, it is no wonder that over 70 percent of small businesses cited the new health care law as the biggest impediment to job creation.

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