IR-2004-119, Sept. 23, 2004 SCHEDULE C-EZ CHANGE MEANS SAVINGS FOR SMALL BUSINESSES
WASHINGTON � The Internal Revenue Service today announced it will expand the number of small businesses eligible to file a simplified expense form, a move that will save money and reduce paperwork burden. The IRS will double the business expense threshold to $5,000 from $2,500 for filing the Form 1040, Schedule C-EZ. The change will mean a savings of 5 million hours of paperwork burden for small business taxpayers. The threshold change means approximately 500,000 more small businesses � a 15 percent increase � will be able to file the Schedule C-EZ. �This is another example of the IRS taking the lead in reducing the burden on taxpayers. The IRS� Office of Taxpayer Burden Reduction is continually reviewing what steps we might take that will save money and work hours for both businesses and individuals,� said Mark W. Everson, Commissioner of the IRS. The Form 1040, Schedule C-EZ was first established in 1992. It was intended to make it easier for small businesses with modest expenses to file a simplified form. Small business owners that file a Form 1040 use the Schedule C to report profits and expenses. --------------------------------------------------------------------------- Thank you for subscribing to IRS Newswire. If you have a specific concern about your tax account, call IRS CUSTOMER SERVICE AT 1-800-829-1040. --- If you know someone who might want to subscribe to this mailing list, please forward this message to them and they can send a blank e-mail to mailto:[EMAIL PROTECTED] in order to subscribe. --- This message was distributed automatically from the mailing list irs-newswire. PLEASE DO NOT REPLY TO THIS MESSAGE. To unsubscribe from this list, send a blank email to mailto:[EMAIL PROTECTED] --- To subscribe to or unsubscribe from another list, please go to http://www.irs.gov/newsroom/index.html and click on 'e-News Subscriptions'.
