Small businesses that have been buffeted by the pandemic, inflation and shipping woes have another challenge to add to their plate: taxes.
“I’ve never seen this in my career. They’re all understaffed and all behind,” said Scott Orn, chief operating officer for the human resources and accounting startup Kruze Consulting.
“So many companies were saved, but that additional administrative burden was really rough on the IRS and state tax agencies,” Orn said. “The unintended consequences of good deeds have been tough to handle.”“We file an extension for every single client, although they should pay estimated taxes throughout the year,” Orn said. “It gives us more time do the tax return properly. You just get way more leeway and there is not as much time pressure.
Also, many companies that struggled through 2020 actually had a better year in 2021 as the economy rebounded. That might affect the estimated tax payments companies pay throughout the year.
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