One of the largest burdens on very small employers is dealing with taxes. Fortunately, the IRS has taken a major step to reduce this burden.
Quarterly Federal Tax Returns Not!
There are millions of small businesses that labor under the burden of filing federal tax returns each quarter of the calendar year. These quarterly returns have been a major gripe of business owners who often feel they see their CPAs more than their families. The IRS is finally listening. Well, sort of.
Beginning January 1, 2006, the quarterly federal tax return will go the way of the dodo bird for some small businesses. Instead of being required to file every three months, these small business will be allowed to just file an annual federal tax return with the IRS.
When it comes to taxes and the IRS, there is always a catch. So, what is it in this situation? The annual tax return procedure will only be available to very small businesses, often just sole proprietorships.
Under the new regulations, small businesses will only be eligible for the annual filing if their estimated annual employment tax is $1,000 or lower. Put another way, this equates to paying roughly...
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