Small Business Taxes

Filed in archive Taxes on April 12, 2005

April 15th is this Friday. If you won't get your taxes filed on time be sure to get an extension. In light of all things taxes, here is a short article discussing the intention of the IRS to get tough on small business compliance.

The IRS is targeting small businesses. In February, it unveiled a new form for filing employment taxes, designed to simplify payroll tax reporting and reduce errors -- but the agency has another agenda. It is hoping the simplified form will help in a new effort to step up Auditing of small businesses. The simplification may make it easier to spot inappropriate transactions or questionable reporting.

Small business owners should understand that some of their old methods of skirting the regs may well be exposed by this new reporting process.