The North American Industry Classification System (NAICS) is used for various purposes, such as measuring the economy. It’s also the 6-digit number entered on federal business income tax returns to tell the IRS about the business’ activities. Various new codes went into effect in 2022. The U.S. Census Bureau announced more changes are being made to reflect 2022 to reflect new industries and products and to delete those shrinking or becoming obsolete. The changes are being implemented by the end of 2027. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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