In a release dated April 28, 2023, the IRS marked the upcoming National Small Business Week, April 30 through May 6, with a practical checklist for people starting a business. It pointed to a free online application for an Employer Identification Number and explained that the chosen business structure affects which federal income-tax return a business files. The announcement was a resource guide, not a report of a new tax program or a measured result. [story-s1]
The agency also summarized common tax responsibilities, including income, self-employment, employment and excise taxes, and said many owners and self-employed people generally make estimated quarterly payments as income is earned or received. The release urged owners to keep organized records, noting their usefulness for preparing financial statements, identifying income, tracking deductible expenses and monitoring progress. It advised planning to retain records for at least three years. [story-s1]
Taken together, the guidance treated administration as part of setting up the business: choose an entity with its filing consequences in mind, understand which tax obligations apply, and keep records that support later reporting. The IRS linked readers to its small-business tax center and other startup resources. The article describes what the agency highlighted ahead of the week; it does not establish that every business needs the same structure or tax treatment. [story-s1]
Source documents
- IRS highlights information and free resources in recognition of National Small Business Week | Internal Revenue Servicehttps://www.irs.gov/newsroom/irs-highlights-information-and-free-resources-in-recognition-of-national-small-business-week