For those small to mid-sized businesses that are organized as corporations or partnerships, there are some changes coming for you after the 2008 tax year. According to recent information from the IRS, there are going to be some changes to the look of Form 1120’s and Form 1065’s that will increase the transparency about the ownership and relationships between entities that make up complex business structures . The main changes will be focused on the ownership issues (Sch. K for Form 1120 and Sch. B for Form 1065) and the changes will help the IRS better assess the risk on non-compliance in these areas.
What About The Sole Proprietors???
Well the IRS has created a website for you. The Self Employed Individuals Tax Center provides small business owners with a wealth of information for those starting a business, employment tax issues, filing and paying taxes and more.
For more information on how these changes will affect your business be sure to check the IRS website and speak to your tax advisor.
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