Latest IRS Updates and News Releases

Washington State Dept of Labor & Industries - Free Contractor Training Days

http://www.lni.wa.gov/TradesLicensing/Contractors/Workshops/Contractor/

More than 25 different classes are offered on subjects including: safety, managing your claims to control your workers' compensation costs, public works contracting, business planning, risk management, marketing and more.  See the link above for registration information.

June 26 -- Skagit Valley College -- Mt. Vernon

 

Your Business: Start Smart

http://www.eventbrite.com/e/lakewood-your-business-start-smart-tickets-16999436773

Tuesday, June 23 -- 5:00 - 7:00 PM

Lakewood Public Library - Lakewood

Are you thinking of going into business for yourself? Join an entrepreneur and business coach from the Washington Center for Women in Business and representatives from the U.S. Small Business Administration and Pierce County Library System as they walk you through what it really takes to start and run a business. Whether you are purchasing a company, starting a new venture, or seeking a franchise award, you’ll learn whether starting a business is right for you at this time in your life and in this economic cycle.

See link above for more information and to register for this free workshop.

 

Tools for Starting a Business

http://www.eventbrite.com/e/auburn-tools-for-starting-a-business-tickets-15221992389

Wednesday, July 8 - 2:00 - 3:00 PM

Washington State Worksource in Auburn

Attend this workshop to learn more about the free resources the the U.S. Small Business Administration (SBA) provides in the areas of counseling and professional development, access to capital, and government contracting. This is a great workshop for people taking advantage of Self-Employment Assistance Program (SEAP).

 

Small Business Workshops – Seattle SBA Education and Training Center
Navigating Federal Business Taxes - 2nd Thursday of each month - 9:00 am to 10:00 am

What you need to know to start and sustain your company without being so focused on your tax return.  In this class you will learn the types of entity structures and their tax effects, important requirements for specific deductions like meals and entertainment and home office and how to choose your tax preparer.

 

Licensing and Registration:  What You Need To Know - 2nd Thursday of each month - 10:30 to 11:30 am

Once you've chosen your business entity (limited liability company, corporation, sole proprietor, etc.), then it's time to register and license your business. Hear what steps you need to take with the Secretary of State's Office and Business Licensing Services.       

Workshops are held at the 4th & Battery Building - 2401 Fourth Avenue, Suite 450, Seattle

Please pre-register by calling 206-553-2664 or e-mail workshops@sba.gov.

SBA and SCORE also offer a variety of other workshops for small business owners – find out more here: https://www.sba.gov/offices/district/wa/seattle

 

Seattle SCORE Workshops

http://seattle.score.org/localworkshops

SCORE offers workshops designed to give you the skills necessary to start your own successful business.

June 17 – Understanding Financial Statements

July 1 -- Starting a New Business

4th & Battery Building - 2401 Fourth Avenue, Suite 450, Seattle

 

Affordable Care Act 101 Webinars for Small Business

http://www.sba.gov/healthcare

The SBA and Small Business Majority are holding weekly Affordable Care Act 101 webinars. During the presentation, small business owners can learn about the law and what it means for their company and employees.  Visit the web page above for a complete schedule and to register. Webinars are also offered in Spanish. See the page above for dates and to register.

 

Employer's Introduction to L&I Workshops

http://lni.wa.gov/Safety/TrainingPrevention/workshops/WorkshopInfo.asp?WkshopID=78

This workshop is designed for new businesses or businesses that plan to hire workers for the first time. It explains an employer’s rights and responsibilities and provides an overview of the services and resources available at Labor and Industries.

July 15 – Bremerton – 9 a.m. to 12 p.m.

July 23 – Vancouver -- 9 a.m. to 12 p.m.

July 23 – Spokane Valley -- 9 a.m. to 12 p.m.

July 29 – Tumwater -- 9 a.m. to 12 p.m.

Aug 5 --   Tukwila -- 9 a.m. to 12 p.m.

Aug 12 – Port Angeles -- 9 a.m. to 12 p.m.

 

New Business Tax Workshops – Washington State Department of Revenue

https://fortress.wa.gov/dor/efile/secureforms/content/workshopsandeducation/AttendAWorkshop/RegisterForWorkShop.aspx?ID=213

Learn the basics of Washington State taxes. This free workshop will help you understand your tax reporting responsibilities. Tax reporting classifications, deductions, sales tax collection, and recordkeeping requirements will be discussed. You'll also have the opportunity to ask questions regarding taxes that apply specifically to your business. To find out when the next workshop will be held in your area, and to register, see the link above.  Can’t attend a workshop in person? Watch an online workshop or tutorial.

 
   

IRS Updates & News Releases:

Did you know? One of the best ways to get information is by visiting the IRS Small Business Tax Center where you can learn everything from how to get an Employer Identification Number (EIN) online to how to best navigate an audit.

 

IRS Statement on the "Get Transcript" Application

http://www.irs.gov/uac/Newsroom/IRS-Statement-on-the-Get-Transcript-Application

The IRS announced that criminals used data acquired from non-IRS sources to gain unauthorized access to information on approximately 100,000 tax accounts through IRS’ “Get Transcript” application.  This data included Social Security information, date of birth and street address.  These third parties gained sufficient information from an outside source before trying to access the IRS site, which allowed them to clear a multi-step authentication process, including several personal verification questions that typically are only known by the taxpayer. The matter is under review by the Treasury Inspector General for Tax Administration as well as the IRS’ Criminal Investigation unit, and the “Get Transcript” application has been shut down temporarily. The IRS will provide free credit monitoring services for the approximately 100,000 taxpayers whose accounts were accessed. In total, the IRS has identified 200,000 total attempts to access data and will be notifying all of these taxpayers about the incident.

 

Written Testimony of Commissioner Koskinen on Unauthorized Attempts to Access Taxpayer Data before Senate Finance Committee

http://www.irs.gov/uac/Written-Testimony-of-Commissioner-Koskinen-on-Unauthorized-Attempts-to-Access-Taxpayer-Data-before-Senate-Finance-Committee

Commissioner Koskinen’s testimony before the Senate Finance Committee to provide information on the recent unauthorized attempts to obtain taxpayer data through the IRS’s “Get Transcript” online application.

 

Taxpayers with Foreign Assets May Have FBAR and FATCA Filing Requirements in June

http://www.irs.gov/uac/Newsroom/Taxpayers-with-Foreign-Assets-May-Have-FBAR-and-FATCA-Filing-Requirements-in-June

The IRS reminds all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. Who needs to file an FBAR? Taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during 2014 generally must file. For more on filing requirements, see Current FBAR Guidance on IRS.gov. The IRS encourages taxpayers with foreign assets, even relatively small amounts, to check if they have a filing requirement. FBAR refers to Form 114, Report of Foreign Bank and Financial Accounts.

 

Businesses in U.S. Territories Must File Form 8300 with the IRS on Cash Transactions of $10,000 or More

http://www.irs.gov/uac/Newsroom/Businesses-in-US-Territories-Must-File-Form-8300-with-the-IRS-on-Cash-Transactions-of-$10,000-or-More

Businesses in U.S. possessions and territories must file Form 8300 with the IRS for cash transactions over $10,000.

 

Interest Rates Remain the Same for the Third Quarter of 2015

http://www.irs.gov/uac/Newsroom/Interest-Rates-Remain-the-Same-for-the-Third-Quarter-of-2015

Interest rates will remain the same for the calendar quarter beginning July 1, 2015, as they were in the prior quarter.

 

New YouTube Videos, Online Resources Help Taxpayers Abroad

http://www.irs.gov/uac/Newsroom/New-YouTube-Videos,-Online-Resources-Help-Taxpayers-Abroad

The IRS is launching three new online videos and expanding other online resources designed to help taxpayers, especially those living abroad, meet their U.S. tax obligations.  Also be sure to visit the International Taxpayers page, which is packed with information designed to help taxpayers living abroad, resident aliens, nonresident aliens, residents of U.S. territories and foreign students. Among other things, the web site features a directory of overseas tax preparers.

 

IRS Reminds Taxpayers to Safeguard their Tax Records as the Beginning of Hurricane Season Approaches

http://www.irs.gov/uac/Newsroom/IRS-Reminds-Taxpayers-to-Safeguard-their-Tax-Records-as-the-Beginning-of-Hurricane-Season-Approaches

Hurricane season starts today and the IRS advises individuals and businesses to safeguard their records against natural disasters by taking a few simple steps

 

Tax Tips

http://www.irs.gov/uac/IRS-Tax-Tips

Visit this page for the latest IRS tax tips.  Here is a sample of the tips available:

 

Federal Tax Help for Landscapers and Gardeners is Just a Click Away

IRS Helps Beauty and Barber Shops Start, Grow and Succeed

IRS Webinar Helps Child Care Providers Learn Basic Tax Rules

Prepare for a Disaster – Plan to Keep Your Tax Records Safe

Look to the IRS for Tax Help in the Event of a Disaster

Top 10 Tips for Deducting Losses from a Disaster

 

Health Care Tax Tips

http://www.irs.gov/uac/Newsroom/Health-Care-Tax-Tips2

Check out the tax tips for your health care questions on this page.

 

ACA and Employers: How Seasonal Workers Affect Your ALE Status

ACA Information for Employers: Counting Full-time and Full-time Equivalent Employees

Find out how ACA affects Employers with 50 or more Employees

Find out how ACA affects Employers with fewer than 50 Employees

The Affordable Care Act and Employers: Why Workforce Size Matters

Report Changes in Circumstances to the Marketplace that could Affect Your 2015 Premium Tax Credit

Small Business Health Options Program (SHOP) Marketplace

https://www.healthcare.gov/small-businesses/

The Small Business Health Options Program (SHOP) Marketplace helps small businesses provide health coverage to their employees. The SHOP Marketplace is open to employers with 50 or fewer full-time equivalent employees (FTEs). This includes non-profit organizations. You can enroll in SHOP any time of year - there’s no restricted enrollment period. For more information, visit HealthCare.gov.

 

There are guides, an archived webinar and other resources available here: https://marketplace.cms.gov/outreach-and-education/shop-resources.html

The Affordable Care Act and Employers
Information on Key Tax Provisions Affecting Employers