U.S. Business Faces Burden From New IRS Rules – Report

July 15, 2010
Martin Vaughan, of the Wall Street Journal, reports that paperwork requirements included in the recent health-care bill, may create another significant burden on small business.

The Office of the Taxpayer Advocate is concerned about the new reporting burden on small business. The Taxpayer Advocate is an office within the IRS that helps taxpayers and identifies unfair policies and practices.

“Starting in 2012, about 40 million businesses, charities and other entities will be required to report to the IRS payments they make to suppliers and service providers.” Vaughan reported.

“The reporting regime is aimed at giving the IRS more information to help it collect taxes from the vendors. But the report said it could disrupt commerce and that IRS systems might not be equipped to make much use of the information anyway.”

To Read the full article go to: U.S. Business Faces Burden From New IRS Rules—Report