My schedule C has always been under the 454111 code. This year it is making me pick a new category. There is nothing similar to electronic retail anymore. The closest I can find is "general merchandise retailers". Should I choose this? Is it going to cause issues with the IRS that this code is changing? Why did they remove it?
Thanks
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If the closest Principal Business or Professional Activity code you can find is "general merchandise retailers", yes, use that.
No, it's not going to cause you issues with the IRS. This code is used for statistical purposes only and does not affect your taxes.
One reason for the change may be due to the fact that with the advent of Internet, social media, mobile phones and most of the technology that drives today’s business models, many of the NAICS Codes have became obsolete or overly broad.
If the closest Principal Business or Professional Activity code you can find is "general merchandise retailers", yes, use that.
No, it's not going to cause you issues with the IRS. This code is used for statistical purposes only and does not affect your taxes.
One reason for the change may be due to the fact that with the advent of Internet, social media, mobile phones and most of the technology that drives today’s business models, many of the NAICS Codes have became obsolete or overly broad.
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