The Internal Revenue Service has announced that it is expanding the number of small businesses eligible to file a simplified expense form, a move that it says will save firms money and reduce their paperwork burden.
Under the plans, the IRS will double the business expense threshold to $5,000 from $2,500 for filing the Form 1040, Schedule C-EZ, bringing about a saving of 5 million hours in the paperwork burden for small business taxpayers.
The threshold change means approximately 500,000 more small businesses - a 15% increase - will be able to file the Schedule C-EZ.
Mark W. Everson, Commissioner of the IRS, noted:
“This is another example of the IRS taking the lead in reducing the burden on taxpayers. The IRS’s Office of Taxpayer Burden Reduction is continually reviewing what steps we might take that will save money and work hours for both businesses and individuals.”
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment