There are some interesting developments in the small business arena right now. New laws that are aimed at cutting down on tax cheating by the self-employed will more than likely just be more paperwork for the self-employed. Two important small business changes include:
1. Detailed reporting of credit card transactions to the Internal Revenue Service.
2. Another would require most owners of small businesses to report any payments above $600 to corporations for things such as delivery services.
This increased reporting will make it quite burdensome form self-employed small business owners if the proposals are passed. We will keep you posted on any other proposals that are on the horizon to ensure that your small business’s reporting requirements are not increased.
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