Latest IRS Updates and News Releases
Nominate a business for the SBA 2017 Washington State Small Business Awards!
Preliminary nomination deadline -- Thursday, December 1
Know a small business, entrepreneur or business advocate with an amazing story to tell? If so, submit your nomination today for the SBA 2017 Washington State and National Small Business Week Awards. A company or owner may self-nominate. To read more about the categories and criteria or to complete a brief nomination form visit www.tinyurl.com/SBAawardsWA17
Small Business Administration Workshops
SBA offers a variety of workshops, some online and others in person.
Seattle - Free Workshop Thursdays – October 27
Online Free Workshop Thursdays – October 27
SCORE offers workshops designed to give you the skills necessary to start your own successful business.
Dec 7 -- Starting a New Business
Nov 16, Dec 16 – Taxes on Small Business
Jan 4, Feb 1, Mar 1 -- 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.
Reminder: Employers Face New Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15
The Internal Revenue Service reminds employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. The IRS must also hold some refunds until Feb. 15. A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, will accelerate the W-2 filing deadline for employers to Jan. 31. For similar reasons, the new law also requires the IRS to hold refunds involving two key refundable tax credits until at least Feb. 15. See the full article for details on each of these key dates.
Renewing Your ITIN? Things You’ll Need
Some Individual Taxpayer Identification Numbers (ITIN) expire at the end of 2016. The IRS issues an ITIN to those who have a filing or reporting requirement but don’t have and are not eligible to get a Social Security number. If you need to renew your ITIN, you should submit a complete application this fall to avoid delays. See the article for a list of the documents you’ll need to renew your ITIN. To claim certain credits and to receive a timely refund, renew your ITIN before you file your taxes.
IRS, Security Summit Partners Expand Identity Theft Safeguards for 2017 Filing Season, Build on 2016 Successes
The Internal Revenue Service, state tax agencies and industry partners have finalized plans for 2017 to improve identity theft protections for individual and business taxpayers after making significant inroads this year against fraudulent returns. Public and private sector leaders announced that their collective efforts through the Security Summit initiative have led to a marked improvement in the battle against identity theft during 2016. This is highlighted by the number of new people reporting stolen identities on federal tax returns falling by more than 50 percent, with nearly 275,000 fewer victims compared to a year ago.
At a Washington press conference, Summit leaders also detailed new and expanded safeguards for taxpayers in the upcoming 2017 tax season. The 2017 focus revolves around “trusted customer” features that will help ensure the authenticity of the taxpayer and the tax return - before, during and after a tax return is filed. The additional protections will build on the 2016 successes that prevented fraudulent returns and protected tax refunds. See the full article for some examples seen by the IRS.
Tax Preparedness Series: Special Tax Breaks for U. S. Armed Forces
As tax filing season approaches, the Internal Revenue Service wants members of the military and their families to know about the special tax benefits available to them. IRS Publication 3, Armed Forces Tax Guide, is a free booklet packed with valuable information and tips designed to help service members and their families take advantage of all tax benefits allowed by law. Here are some of those tax benefits.
IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS issued technical guidance detailing these items in Notice 2016-62.
Renewing Your ITIN? Things You’ll Need
New Law Sets Jan. 31 W-2 Filing Deadline; Some Refunds Delayed Until Feb. 15
Health Care Tax Tips
Health Care Information Reporting: Seven Things Employers Can Think About Now
Employers: Visit IRS.gov/AIR for Resources about Reporting Process – Software Testing Opens Nov. 7
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