By Susan Anders, includes “Truth in Accounting’s (TIA) State of the States Report for 2016 revealed that 28 states did not file their financial statements within the 180-day time limit, and 41 states did not have enough cash to pay their debts. Readers can explore the taxpayer burden or surplus for all 50 U.S. states from 2009 through 2016 on TIA’s State Data Lab . For New York, as an example, the per capita burden grew from $13,000 to over $20,000. Similarly, TIA’s State of the Cities Report for 2016 indicated that 30% of the 75 most populated cities examined did not file their financial statements within the 180-day time limit …” Speaking of reporting timeliness, and Chicago’s experience last year, see this short video.
Read the full article on: The CPA Journal