Check Webinars for Small Businesses for upcoming webinars.
May 30 Qualified Business Income Deduction (199A)
June 6 Foreign Earned Income Exclusion
June 13 U.S. Taxation of Employees of Foreign Governments & International Organizations
June 19 U.S. Territories – Self Employment Tax
June 27 Tax Residency Status
►IRS VIDEO PORTAL
The following IRS webinar is now archived and available for viewing in the IRS Video Portal: Topic: Filing is The Thing to Do, Even if You Have a Balance Due
Aired: Thursday, April 4, 2019
• The full transcript is provided as closed captioning
• The Power Point is posted for downloading under the “Slides PDF” link.
• National Small Business Week was May 5 – 11. The IRS highlighted several resources to help small business owners and self-employed individuals understand and meet their tax obligations.
• With summer almost here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes.
• Not all the money they earn will make it to their pocket because employers must withhold taxes from their paycheck. Here are some tax tips young individuals should know when starting a summer job.
• See also: SBA article at the end of this post
• As summer approaches, so do storm and other natural disasters. Whether it’s a hurricane,
it’s important for people to be prepared. One way to get ready is for taxpayers to know what to do about important documents and paperwork that might be lost after a disaster.
• Disasters can happen at any time, and the IRS is encouraging taxpayers to be prepared for the unexpected.
• In the past 18 months, the IRS responded to presidentially declared disasters in 15 states and U.S. territories. The IRS offered tax relief and assistance to victims of hurricanes, typhoons, earthquakes, volcanos, fires, tornadoes, severe storms, high winds and floods.
• The 2019 hurricane season begins in June and the IRS joins the National Weather Service during Hurricane Preparedness Week by encouraging everyone to update or make an emergency plan.
• IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year.
Taxpayers can pay:
o By phone
o With their mobile device using the IRS2Go app
• Additionally, some taxpayers must make quarterly estimated tax payments throughout the year. These taxpayers may include sole proprietors, partners, and S-corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the sharing economy (aka gig economy) might also have to make estimated payments.
• As part of its ongoing security review, the IRS announced that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application.
• 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.
• Taxpayers who discover an error after filing may need to amend their tax return. Taxpayers should file an amended return if there’s a change in filing status, income, deductions or credits.
• The IRS may correct mathematical or clerical errors on a return. They also may accept returns without certain required forms or schedules. In these instances, there’s no need to file an amended return.
• If you make a mistake on your taxes, do you know what to do and how to correct the
mistake? There are many options on how to fix a mistake on your tax return, depending on whether you received a notice and the kind of mistake you made. If you simply
file, and have a filing requirement, you should file right away as there are consequences.
►EMPLOYERS AND BUSINESS OWNERS
• Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file.
• The Tax Cuts and Jobs Act made significant changes that affect international and domestic businesses. This side-by-side comparison for large and international taxpayers can help taxpayers understand the changes and plan accordingly. This is a companion piece to the comparison for businesses released last fall.
►THE BEST OF IRS.GOV
• Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.
• The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. See also: How to know it’s really the IRS calling or knocking on your door.
►IDENTITY THEFT / DATA THEFT / SCAM ALERTS
• Identity theft places a burden on its victims and presents a challenge to businesses, organizations and government agencies, including the IRS.
• The IRS combats tax-related identity theft with an aggressive strategy of prevention, detection and victim assistance. We’re making progress against this crime, as it remains one of our highest priorities.
• Tax-related identity theft occurs when someone uses your Social Security number to file a tax return claiming a fraudulent refund. If you become a victim, we’re committed to helping you resolve your case as quickly as possible.
►NEWS FROM OTHER AGENCIES
From the SBA:
Hiring Teens for the Summer
• In many industries, the summer season brings a sharp increase in teen employment. Unfortunately, for many business owners there remains a great deal of uncertainty about how federal child labor laws affect their teen workers. Brush up on the requirements and prevent child labor violations before they occur. Click here to learn more! And for more in-depth child labor inform