Most new business and small-business owners are not intimately familiar with owners are not intimately familiar with the Internal Revenue Code (IRC) — and for good reason. The IRC is complicated, long, convoluted, and changes frequently. It's very easy to make mistakes, even when you think you're doing the right thing. It's so easy, in fact, that there are some mistakes made by the overwhelming majority of new business and small-business owners. Once you know small-business owners. Once you know where the traps are, though, they're easy to avoid.