Small Biz Burdens


Small businesses in the U.S. face a heavy burden when complying with income and employment tax laws, according to preliminary results of an IRS survey of compliance burdens

Among the tax activities performed by businesses with less than $10 million in assets—including recordkeeping, working with a paid professional, completion and submission of forms, making estimated tax payments and tax planning—the most time was spent keeping records.

The survey also found that C corporations spent more time on compliance than S corporations and partnerships.

Source: Measuring the Tax Compliance Burden of Small Businesses , by Donald DeLuca, et al., 2005, and Tax Analysts, www.taxanalysts.com.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.