National Small Business Week – May 5-11, 2019
IRS urges data security, paying estimated taxes; highlights tax benefits, online resources during Small Business Week
In support of National Small Business Week, May 5-11, the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business. For more than 50 years, the week has recognized the important contributions of America’s entrepreneurs and small business owners.
For this year’s Small Business Week, the IRS will issue a series of news releases and tax tips focused on key topics such as:
- Withholding taxes
- Data security tips
- Estimated tax payments,
- Business credits and deductions and
- Expanded tax benefits for depreciation and expensing
The IRS also has products and information on the sharing economy, including a Sharing Economy Tax Center, to help people quickly find answers to tax questions, as well as helpful tips and tax forms for business taxpayers. A YouTube video, Your Taxes in a Sharing Economy, also helps those working in the sharing economy understand their tax responsibilities.
Small business/self-employed products
An online resource featuring links to a variety of useful tools, including Small Business Taxes: The Virtual Workshop, a downloadable tax calendar and common forms with instructions. The Center provides help on everything from how to get an Employer Identification Number online to information and tips about IRS audits.
A resource for sole proprietors and others who are in business for themselves. This site has many useful tips and references to tax rules a self-employed person may need to know.
Watch videos for small businesses on the Small Business playlist.
A page with tools to help taxpayers learn about taxes on their own time and at their own pace. For example, the IRS Tax Calendar for Businesses and Self-Employed has important tax dates for businesses.
A free electronic mail service that offers tax information for small business owners and self-employed individuals, including reminders, tips and special announcements.
Information for small businesses is also available through IRS social media channels, including tax tips and other resources. Spread these messages by sharing the @IRSsmallbiz, @IRSnews, @IRSTaxPros and @IRSenEspanol tweets.
IRS revises EIN application process; seeks to enhance security
Starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee retirement plans and other entities for tax filing and reporting purposes. The change will prohibit entities from using their own EINs to obtain additional EINs. The requirement will apply to both the paper Form SS-4, Application for Employer Identification Number (PDF), and online EIN application.