HVAC Breaking News

Oct. 4, 2004: IRS Change To Reduce Paperwork For Small Businesses

October 4, 2004
/ Print / Reprints /
/ Text Size+
WASHINGTON - The Internal Revenue Service (IRS) announced that it will expand the number of small businesses eligible to file a simplified expense form. The IRS is doubling the business expense threshold to $5,000 from $2,500 for filing the Form 1040, Schedule C-EZ. This change came as a result of a recommendation by a Taxpayer Advocacy Panel subcommittee - Schedule C Fair Compliance Committee, Outreach, Education and Filing Subcommittee.

According to officials, the change will mean 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.

Karen Kerrigan, president and CEO of the Small Business Survival Committee (SBSC) and chair of the subcommittee, noted that the business expense threshold was last updated in 1996 and it made sense that it be increased to reflect inflation.

The Form 1040, Schedule C-EZ was first established in 1992. It was intended to make it easier for small businesses with modest expenses to file a simplified form. Small business owners that file a Form 1040 use the Schedule C to report profits and expenses.

The Taxpayer Advocacy Panel consists of 100 citizens from across the United States (two from each state) who review taxpayer concerns about IRS operations and make recommendations that will help improve operations and compliance efficiency for taxpayers. Members are appointed by the U.S. Secretary of the Treasury. For more information, visit www.improveirs.org.

Publication date: 10/04/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2014 Energy Efficiency Forum

Highlights from the 25th annual Energy Efficiency Forum in Washington, D.C.


NEWSMakers: Mark Satterfield

Mark Satterfield, founder and CEO of Gentle Rain Marketing Inc. and author of “The One Week Marketing Plan” talks about his book and the importance of HVAC blogging. Posted on Sept. 19.

More Podcasts


NEWS 09-15-14 cover

2014 September 15

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Venting R-22

The NEWS reported that a man received prison time for venting R-22. Should EPA step up enforcement?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con