IRS Providing Tax Information to Small Businesses

Posted on May 13, 2023

IRS Providing Tax Information to Small Businesses

Small businesses are often charged with tax evasion. Even though both large and small businesses use legal means to reduce their tax liability, small businesses often do not have the resources to gain information about every tax law that may affect them. Sometimes, lack of knowledge also leads to the unintentional evasion of taxes.

Often, small businesses find themselves non-compliant in spite of their best efforts to comply with the tax laws. The complexity of the tax code coupled with limited resources to manage taxes makes it difficult for small businesses to remain compliant.

To assist small businesses to understand their various tax responsibilities and to stay safe from unscrupulous agencies offering illegal tax benefits, the IRS is holding webinars today and on Thusday. You may visit the IRS website to learn how to register.

Small businesses that have independent contractors working for them can gain information about how to make payments to independent contractors, which form to use to file taxes, backup withholdings, etc. The webinars will also have a question and answer session.

The IRS has other online resources for sharing of tax information such as IRS Live where IRS experts discuss taxes with industry professionals. Small business owners can develop their tax knowledge using such resources offered by the IRS.

 

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