Latest IRS Updates and News Releases

Biz Fair 2014 - Saturday, September 27 -  One Day, One Place 

One day, one place - learn from the experts how to form and run a small business at the 18th annual Washington Small Business Fair.   Connect with government agencies and business organizations to get the information you need.  Biz Fair 2014 happens Saturday, September 27, 8:00 a.m. to 3:30 p.m. at Renton Technical College, 3000 NE 4th Street, in Renton.

 

  • Sharpen your skills - attend seminars that cover important, up-to-date topics for all stages of business ownership. Savvy business experts share their knowledge and real-life experiences with you.
  • Save valuable time - connect with 30 federal, state and local government agencies, and business and trade associations to get the information you need.

 

The fair is free, with plenty of free parking and no advance registration. Visit www.bizfair.org for more information. Find us on Facebook at www.facebook.com/bizfair.

 

Free IRS Webinar: Business Use of Your Home
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Webinars-for-Small-Businesses-1#home

September 10 -- 11:00 a.m. – noon (PT)

 

FREE one-hour broadcast for tax professionals, small business owners, small business and industry organizations, and bookkeepers.

Topics include:

  • Simplified and regular option for claiming the home office deduction
  • Requirements for qualifying to deduct expenses
  • Types of expenses you can deduct and how to figure the deduction ... and more
  • Live Q&A session with a Subject Matter Expert

To register for the event, visit the Internal Revenue Service Webinar Registration website. This event will be archived on the IRS Video Portal for later viewing approximately three weeks after the date of the event.

 

Free IRS Webinar: 2014 Affordable Care Act Tax Provisions for Individuals, Families and Small Businesses

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Webinars-for-Small-Businesses-1#affordable

September 17 - 11:00 a.m. – noon (PT)

FREE one-hour broadcast for tax professionals, individual and small business taxpayers, small business and industry organizations, and government agencies.

 

Topics include:

The Affordable Care Act 2014 Marketplace tax provisions:

  • Individual Shared Responsibility Provision (IRC 5000A)
  • Premium Tax Credit (IRC 36B)
  • Small Business Health Care Tax Credit (IRC 45R)

 

There will also be a live Q&A session with a Subject Matter Expert.

 

To register for the event, visit the Internal Revenue Service Webinar Registration website.

This event will be archived on the IRS Video Portal for later viewing approximately three weeks after the date of the event.

 

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, but webinars are generally held every Thursday at 11:00 am Pacific Time.

 

Starting July 8th, Spanish-speaking small employers throughout the country can join representatives from SBA, HHS, and Small Business Majority for ACA 101 webinars in Spanish. See the page above for dates and to register.  The Spanish language webinars will be held every other Tuesday at 1:00 pm PT throughout the summer and fall.

 

Small Business Workshops – Seattle SBA Education and Training Center
Small Business Taxes & Bookkeeping for the Small Business Owner - 2nd & 4th Thursday of each month - 9:00 am to 11:00 am

Learn about important information regarding your tax responsibilities as a small business owner. Topics covered:

  • What taxes to pay and when they are due
  • How to choose the right accountant and the right accounting software
  • How to document expenses and activities
  • How to take care of employee and contractor payroll taxes
  • The difference between city, county, state, and federal taxation
  • What the tax advantages are for the sole proprietor or for business entities in general

 

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: http://www.sba.gov/about-offices-content/2/3157

 

Seattle SCORE Workshops

http://seattle.score.org/localworkshops

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

Oct 1, Nov 5 -- Starting a New Business

Oct 28 – Understanding Financial Statements

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

 

Spokane SCORE Workshops

http://www.scorespokane.org/workshops

Spokane Regional Business Center (SRBC), 801 W. Riverside Avenue, Suite 444, Spokane

Oct 1, Nov 5  -- Starting a New Business

Check website for current listings and registration information.

 

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.

Oct 24 – Spokane -- Spokane Community College (www.scc.spokane.edu)

Dec 5 – Renton -- Renton Technical College (www.rtc.edu)

 

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.

Sep 9 -- Yakima -- 9:00a to 12:00p

Sep 11 -- Bremerton – 9:00a to 11:30a

Sep 17 – Mount Vernon -- 9:00a to 12:00p

Sep 25 – Port Angeles -- 9:00a to 11:30a

Oct 1 – Vancouver -- 9 a.m. to 12 p.m.

Oct 1 – Tukwila -- 9 a.m. to 12 p.m.

Oct 3 – Tumwater --  9 a.m. to 12 p.m.

Oct 7 – Kennewick -- 9 a.m. to 12 p.m.

Oct 14 -- East Wenatchee -- 9 a.m. to 12 p.m.

Oct 23 – Tacoma -- 9 to 11:30 a.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.

 

Updated Version of Publication 4591, Small Business Federal Tax Responsibilities Now Available

Publication 4591 (PDF) — The updated version of Publication 4591, Small Business Federal Tax Responsibilities, is now online and available at the distribution center. Updates to online versions of Pub 4591 in Spanish, Chinese, Vietnamese, Korean and Russian are in process.

 

Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls

The Internal Revenue Service has issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.  These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists can sound convincing when they call. They may know a lot about you, and they usually alter the caller ID to make it look like the IRS is calling. They use fake names and bogus IRS identification badge numbers. If you don’t answer, they often leave an “urgent” callback request.

 

Here are five things the scammers often do but the IRS will not do. Any one of these five things is a tell-tale sign of a scam. The IRS will never:

  1. Call you about taxes you owe without first mailing you an official notice.
  2. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  3. Require you to use a specific payment method for your taxes, such as a prepaid debit card.
  4. Ask for credit or debit card numbers over the phone.
  5. Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

 

If you get a phone call from someone claiming to be from the IRS and asking for money, the article outlines what steps you should take.

 

IRS "Taxpayer Bill of Rights" Now Available in 6 Languages; 10 Key Rights Outlined in Updated Publication 1

The Internal Revenue Service announced today that its cornerstone "Taxpayer Bill of Rights“ document is now available in six languages.

Newly-revised versions of Publication 1, Your Rights as a Taxpayer, are now posted on IRS.gov in English, Spanish, Chinese, Korean, Russian and Vietnamese. By making this important publication available in multiple languages, the IRS hopes to increase the number of Americans who know and understand their rights under the tax law. The IRS has created a special section of IRS.gov to highlight the 10 rights, here: http://www.irs.gov/Taxpayer-Bill-of-Rights

 

Summer 2014 Statistics of Income Bulletin Now Available
The summer issue of the IRS Statistics of Income Bulletin provides in-depth statistical information from the IRS about Foreign Controlled Domestic Corporations and Tax-Exempt Municipal Bonds.

 

2012 Individual Income Tax Returns Complete Report (Publication 1304) Now Available

The Internal Revenue Service today announced the availability of Statistics of Income—2012, Individual Income Tax Returns Complete Report (Publication 1304).

U.S. taxpayers filed 144.9 million individual income tax returns for tax year 2012, down 0.3 percent from 2011. The adjusted gross income less deficit reported on these returns totaled $9.1 trillion, which is an 8.7-percent increase from the prior year.

 

For Employers:

Q&As on Employer Shared Responsibility Provisions Under the Affordable Care Act

Questions 48 through 56 relate to the 4980H provision.

 

Small Business Health Care Tax Credit

Question 33 has information on determining FTE’s and average annual wages when family members of small business owners are employees.

 

Employer Health Care Arrangements

This page on IRS.gov has Q&As relating to employer reimbursements of employee health insurance premiums.

 

Reminder about Forms W-4

An accurate Form W-4 is important. Tax Topic 753 has information to help employees and employers.

 

Backup Withholding

Revenue Procedure 2014-43 provides guidance to individual payees on verifying social security numbers to prevent or stop backup withholding under section 3406 of the Internal Revenue Code.

 

Information for construction businesses now in Spanish

Publication 3780 (SP) , Tax Information for Small Construction Businesses, covers several issues that may cause problems for small construction business owners.

 

Tax Tips

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

Five Easy Ways to Spot a Scam Phone Call

Learn about Our Tax System with "Understanding Taxes"

Make a Mistake? Amend Your Tax Return

Use IRS Social Media Tools

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.

IRS.gov has information about the health care law and its effect on your taxes
There is a lot of information in the news and online about the health care law and its effect on your taxes. For the most current answers to questions you may have, visit IRS.gov/aca.  From the individual shared responsibility provision to the definition of minimum essential coverage, the IRS website covers a wide range of health care topics and how they relate to your taxes.