Take out pecularity in NEIS

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Aug 6th, 2022
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How to take out pecularity in NEIS

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hey there youtube so in this video i wanted to cover the nics codes uh for your business and what you need to disclose on your tax return so the north american industry classification system this is the nics code system is designed to classify business enterprises by the type of activity they conduct right so if youamp;#39;re in manufacturing youamp;#39;ll have a manufacturing type nics code if youamp;#39;re in consulting investment management restaurants whatever it might be you have a separate code for your sector okay now the principal business activity code is what you see on your tax return so if youamp;#39;re looking at your form 1120s or your 1065 and asks you to enter your principal business activity code this is a similar concept these codes are based on the nics system but theyamp;#39;re not exactly the same theyamp;#39;re actually more nics codes than there are principal business activity codes okay but even still why is this code system important and why do you need t

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