| IRS News for Businesses - March Enter body here... IRS NEWS FOR BUSINESS March 2017 ►UPCOMING WEBINARS · Understanding Payment Options o March 16, 2017 - 11:00 a.m. Eastern; 10:00 a.m. Central; 9:00 a.m. Mountain; (60 min) § Register and attend: https://www.webcaster4.com/ o March 16, 2017 - 2:00 p.m. Eastern; 1:00 p.m. Central; 12:00 p.m. Mountain (60 min)
· Continuing Education for March 16 webinar: All participants who qualify will receive a Certificate of Completion Tax Professionals – Earn 1 CE Credit – Category: Federal Tax · See Webinars for Small Businesses for upcoming National and Local Webinars
►NEWS Tax Scams: PLEASE SHARE THIS MESSAGE WIDELY: Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others
· The Dirty Dozen represents the worst of the worst tax scams o Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. Don’t fall prey. · How Do You Report Suspected Tax Fraud Activity? Managing Your Taxes After a Life Event · Getting married, buying a house, and other important stages in your life can affect your taxes. But it can be hard figuring out how each piece—credits and deductions, filing requirements, and more—fit together. Check out these resources to manage your taxes after a life event. Resources for taxpayers who owe money on their tax return: · Finding Out How Much You Owe · Payment Options: Pay Online, Installment Plans and More · Payment Plans, Installment Agreements · Apply for an Online Payment Agreement for Individuals and Businesses o Please see Setup Fees on the right hand column of this page. · Tax Topics - Topic 202 Tax Payment Options · Publication 5034 in English and Spanish: Need to Make a Payment? Early Withdrawals from Retirement Plans · Many people find it necessary to take out money early from their IRA or retirement plan. Doing so, however, can trigger an additional tax on top of income tax taxpayers may have to pay. Here are a few key points to know about taking an early distribution. IRS Annual “Dirty Dozen” List of Tax Scams to Avoid Includes Falsely Padding Deductions · Avoid the temptation to falsely inflate deductions or expenses on tax returns. · The majority of taxpayers file honest and accurate tax returns each year. However, each year some taxpayers “fudge” their information. · Taxpayers should think twice before overstating deductions such as charitable contributions, padding business expenses or including credits that they are not entitled to receive. · Each year, increasingly efficient automated systems generate most IRS audits. The IRS can normally audit returns filed within the last three years. Additional years can be added if substantial errors are identified or fraud is suspected. Although there is no way to entirely avoid an audit, preparing an accurate tax return is a taxpayer’s best defense. New on IRS.gov · Pub. 15 (Circular E), Employer's Tax Guide 2017 · Pub. 15-B, Employer's Tax Guide to Fringe Benefits 2017 · Pub. 51, Circular A, Agricultural Employer's Tax Guide 2017 · Pub. 509, Tax Calendars 2017 · 2017 Form W-4P, Withholding Certificate for Pension or Annuity Payments · 2017 Form W-4 (SP), Employee's Withholding Allowance Certificate (Spanish version) · 2017 Form W-4, Employee's Withholding Allowance Certificate · 2017 Form W-2, Wage and Tax Statement (Info Copy Only) · 2017 Inst. W-2 and W-3, Instructions for Forms W-2 and W-3, Wage and Tax Statement and Transmittal of Wage and Tax Statements ►Employers and small business owners IRS Tax Calendar for Businesses and Self-Employed Independent Contractor (Self-Employed) or Employee? · It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Recordkeeping Employer ID Numbers Business Structures · When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure. · For additional information, refer to Small Business Administration's Choose Your Business Structure Web page. ►AFFORDABLE CARE ACT ACA Executive Order and Current Tax Filing Season · A recent executive order directed federal agencies to exercise authority and discretion available to them to reduce potential burden regarding the Affordable Care Act. Consistent with that, the IRS has decided to make changes that will continue to allow electronic and paper 1040 returns to be accepted for processing in instances where a taxpayer doesn’t indicate their health insurance coverage status. However, legislative provisions of the ACA law are still in force until changed by Congress, and taxpayers remain required to follow the law and pay what they may owe. ►NEWS FROM OTHER AGENCIES Congratulations Linda McMahon, the 25th Administrator of the U.S. Small Business Administration. · As Administrator of the SBA, McMahon will direct a federal agency with more than 2,000 full-time employees, with a leading role in helping small business owners and entrepreneurs secure financing, technical assistance and training, and federal contracts. SBA also plays a leading role in disaster recovery by making low interest loans. ►IN EVERY ISSUE (new links) Small Business and Self-Employed Tax Center Understanding Your IRS Notice or Letter Basic Tools for Tax Professionals Recent Tax Scams and Consumer Alerts Identity Protection: Prevention, Detection and Victim Assistance Federal Trade Commission:
Published: 03/15/17 |