WEBCAST: Claim -- small businesses face new regulatory burdens

WASHINGTON, D.C.
April 12, 2007 1:20pm

The Internal Revenue Service is planning more tax audits and other changes that will impact the nation’s small businesses, says the National Small Business Association.

New regulations advocated by the IRS would require small businesses to withhold payroll taxes on independent contractors and report payments in excess of $600 to corporations of all sizes, even if a business owner is purchasing goods from a major retailer, the Washington-based lobbying group says.

“We think we’re looking down the barrel of a lot more audits, and we’re certainly looking down the barrel of a lot more red tape, paperwork and just general tax enforcement duties being put off the backs of small businesses,” says Todd McCracken, president of the National Small Business Association.

(Mr. McCracken details his concerns in a CVBT Audio Interview. Please click on the link below to listen or download to your iPod or PC.)

The NSBA says it’s launched a campaign initiative and Web site aimed at stopping Internal Revenue Service’s plans.