Latest IRS Updates and News Releases
Save the Date! Biz Fair 2016 - Saturday, September 24
One day, one place - learn from the experts how to form and run a successful business at the 20th annual Washington Small Business Fair. Biz Fair 2016 happens Saturday, September 24, 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.
Greater Pierce County Purchasing Forum
October 6, 2016
8:00 am - 12:00 pm
McGavick Conference Center (Clover Park Technical College)
4500 Steilacoom Blvd SW, Lakewood, WA 98499
Register here: http://www.co.pierce.wa.us/FormCenter/Economic-Development-9/2016-Greater-Pierce-County-Purchasing-Fo-235
The Pierce County Economic Development Department and the City of Lakewood Economic Development Department, with participating agencies, are hosting a free Purchasing Forum for local businesses. Learn new and existing business opportunities with government agencies.
- Learn first-hand how to register and compete for contracts with federal, state, and local government agencies
- Ask questions of a panel of government purchasing agents
- Meet one-on-one with purchasing agents
- Network with other Pierce County business owners and managers
- Attend the breakout session: Safety Saves You Money
- Receive an update of the governor's subcabinet focus on increasing access for small and minority, women, and veteran owned businesses.
Archived IRS Webinar: Protect Your Clients; Protect Yourself From Data Theft
Information on the Security Summit initiatives for FY 2017, including enhancing tax professional awareness of client data safeguards, legal requirements and best practices to better protect taxpayer information.
Small Business Administration Workshops
SBA offers a variety of workshops, some online and others in person.
Seattle - Free Workshop Thursdays – September 22
Online Free Workshop Thursdays – September 22
SCORE offers workshops designed to give you the skills necessary to start your own successful business.
Oct 5, Nov 2 -- Starting a New Business
Sept 15, Oct 20 – Understanding Financial Statements
Sept 29 – Taxes on Small Business
Oct 5, Nov 2 -- Starting a New Business
There are also a number of online workshops available: https://seattle.score.org/onlineworkshops/tab-a
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 Launches New Sharing Economy Resource Center on IRS.gov, Provides Tips for Emerging Business Area
The Internal Revenue Service launched a new web page designed to help taxpayers involved in the sharing economy quickly locate the resources they need to help them meet their tax obligations. An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation places and perform many other activities. Also referred to as the on-demand, gig or access economy, sharing economies allow individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess — such as cars and homes — or services they provide — such as household chores or technology services. The IRS, working in conjunction with the National Taxpayer Advocate, is taking steps to provide additional information to taxpayers, including the creation of the new Sharing Economy Resource Center on IRS.gov.
See the full article for key points people involved in the sharing economy should keep in mind.
National Taxpayer Advocate Releases IRS Responses to NTA Recommendations; Posts Papers from Inaugural Conference on International Taxpayer Rights
National Taxpayer Advocate Nina E. Olson released Volume 2 of her statutorily mandated mid-year report to Congress, which contains the IRS’s responses to each of the 116 administrative recommendations the Advocate made in her 2015 Annual Report to Congress. Ms. Olson also announced that papers submitted by presenters at the November 2015 inaugural conference on international taxpayer rights have now been posted to the Taxpayer Advocate Service website.
IRS Warns of a New Wave of Attacks Focused on Tax Professionals
The Internal Revenue Service warned tax professionals of a new wave of attacks that allow identity thieves to file fraudulent tax returns by remotely taking over practitioners’ computers. As part of the Security Summit effort, the IRS urged tax professionals to review their tax preparation software settings and immediately enact all security measures, especially those settings that require usernames and passwords to access the products. The IRS is aware of approximately two dozen cases where tax professionals have been victimized in recent days.
New Security Summit Video Warns Tax Pros of Cybercriminal Threats; Urges Precautionary Steps
As part of the ongoing Security Summit efforts, the Internal Revenue Service released a new YouTube video urging tax professionals to take the necessary steps toward guarding their data and protecting clients from identity theft. The video featuring IRS Commissioner John Koskinen warns tax professionals that cybercriminals increasingly are targeting their offices and their data. The video spotlights the "Protect Your Clients; Protect Yourself" campaign recently launched by the Security Summit. The campaign seeks to raise awareness about cybercriminal activity and provide tax professionals the information needed to improve safeguards. A series of fact sheets and tips on security, scams and identity theft prevention measures for the tax professional community will be released throughout this summer and fall.
IRS Proposes Revised Fees for Installment Agreements; New Lower Fee Available for Direct Debit Online Payment Agreements; Special Relief Provided to Low-Income Taxpayers
The Internal Revenue Service is proposing a revised schedule of user fees that would take effect on Jan. 1, 2017, and apply to any taxpayer who enters into an installment agreement. The proposal, one of several user fee changes made this year, reflects the law that federal agencies are required to charge a user fee to recover the cost of providing certain services to the public that confer a special benefit to the recipient. Although some installment agreement fees are increasing, the IRS will continue providing reduced-fee or no-cost services to low-income taxpayers.
New Procedure Helps People Making IRA and Retirement Plan Rollovers
The Internal Revenue Service has provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, the IRS explains how eligible taxpayers, encountering a variety of mitigating circumstances, can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes.
IRS Urges Taxpayers to Check Their Withholding; New Factors Increase Importance of Mid-Year Check Up
The Internal Revenue Service encourages taxpayers to consider a mid-year tax withholding checkup following several new factors that could affect their refunds in 2017. Taking a closer look at the taxes being withheld can help ensure the right amount is withheld, either for tax refund purposes or to avoid an unexpected tax bill next year. The withholding review takes on even more importance this year given a new tax law change that requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax administrators continue to strengthen identity theft and refund fraud protections, which means some tax returns could again face additional review time next year to protect against fraud.
Interest Rates Remain the Same for the Fourth Quarter of 2016
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2016.
Home Energy Tax Credits Save You Money at Tax Time
Looking for Work May Impact Your Taxes
Health Care Tax Tips
ACA & Employers: How the Size of Your Workforce Affects Your Responsibilities
To Maintain Eligibility for Advance Payments of the Premium Tax Credit, File ASAP
Small Business Health Options Program (SHOP) Marketplace
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.
The Affordable Care Act and Employers
Information on Key Tax Provisions Affecting Employers