Small Business Reading Room

Thursday, January 26, 2006

IRS Simplifies Tax Filing Requirements for Small Employers

This sounds like it could be a good thing.

The Internal Revenue Service has announced temporary new rules that will reduce the burden of tax filing on small business owners who usually owe little or no taxes on their quarterly returns.

It is expected that this proposed measure can reduce tax filing burden for nearly 950,000 small business owners by allowing them to file the new Form 944 (Employer’s Annual Federal Tax Return) once a year rather than filing Form 941 (Employer’s Quarterly Federal Tax Return) four times a year.

For those interested in some light reading:

Proposed Regulation
Temporary Regulation

How do you throw in your two cents?

The proposed regulations are open to public comment for 90 days after publication. A public hearing on the regulations has been scheduled for April 26, 2006 at 10 a.m.


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