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11/19/2004

IRS Takes Steps to Ease Paperwork Burden for Small Businesses
by Laura Fine, Assistant State Director

The Internal Revenue Service (IRS) recently announced that it will expand the number of small businesses eligible to file a simplified expense form, a move that the IRS hopes will save money and reduce paperwork burden. The IRS will double the business expense threshold to $5,000 from $2,500 for filing the Form 1040, Schedule C-EZ. The change could amount to a savings of 5 million hours of paperwork burden for small business taxpayers. The threshold change means approximately 500,000 more small businesses - a 15 percent increase - will be able to file the Schedule C-EZ.

For more information on this change, visit:
http://www.irs.gov/newsroom/article/0,,id=129561,00.html.

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The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran's status, or disability.