Free IRS Webinar: Understanding Payment Options
https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-small-businesses
This web conference will provide an overview of the following:
- Direct Pay
- Online Payment Agreements
- Cash Payments/IRS-Pay Near Me
- Other Payment Options
- Plus a live Q & A
May 24, 2018
Choose from two times:
Session 1 – 11 a.m. (ET), 10 a.m. (CT), 9 a.m. (MT), 8 a.m. (PT)
Register here: https://www.webcaster4.com/Webcast/Page/1148/25745
Session 2 – 2 p.m. (ET), 1 p.m. (CT), 12 p.m. (MT), 11 a.m. (PT)
Register here: https://www.webcaster4.com/Webcast/Page/1148/25748
*Closed captioning offered for Session 2 web conference ONLY.
Continuing Education:
- All participants who qualify will receive a Certificate of Completion
- Tax Professionals- Earn 1 CE Credit- Category: Federal Tax
Registration: Please see registration information below. Questions? Email us at: SLWeb.Conference@irs.gov
Small Business Tax Workshops offered
The hive@Central (Burton Barr Library) offers a series of small business workshops as part of their Financial and Tax Series, designed to help the small business owner understand and fulfill their federal tax responsibilities. These monthly workshops are currently offered at various locations around the valley. For a list of upcoming workshops, check out https://www.irs.gov/businesses/small-businesses-self-employed/small-business-tax-workshops-and-webinars or go directly to https://www.phoenixpubliclibrary.org/hive/programs/irs-financial-tax-series.
Note: Due to a closure at Burton Barr Library, these workshops will continue at different library locations. Check out the website for specific information.
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 offers tips to small business owners about the overlooked home office deduction
The Internal Revenue Service today reminded small business owners who work from a home office that they may be overlooking a common deduction. The IRS encourages small business owners to explore the guidelines surrounding home office deductions so they understand the legal guidelines and options available. More details are available in Publication 587.
Tax credit can help employers hiring new workers; key certification requirement applies
With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers. The Work Opportunity Tax Credit (WOTC) is a long-standing income tax benefit that encourages employers to hire designated categories of workers who face significant barriers to employment. For any employer considering this option, the WOTC may be able to help.
IRS urges small businesses: Protect IT systems from identity theft
https://www.irs.gov/newsroom/irs-urges-small-businesses-protect-it-systems-from-identity-theft
The IRS, state tax agencies and the nation’s tax industry are warning small businesses to be on-guard against a growing wave of identity theft attempts against employers. Small business identity theft is big business for identity thieves. When businesses and their employees have their identities stolen, their sensitive information can be used to open credit card accounts or file fraudulent tax returns for bogus refunds. In the past two years, the Internal Revenue Service has noted a sharp increase in the number of fraudulent filings of Forms 1120, 1120S and 1041 as well as Schedule K-1. The fraudulent filings apply to partnerships as well as estate and trust forms.
IRS highlights sharing economy tax center, other resources during National Small Business Week
The Internal Revenue Service highlighted a variety of online resources to help small business owners and self-employed individuals as part of National Small Business Week (April 29 to May 5). Some of these tools focus on an emerging area of business activity — the sharing economy – also referred to as the on-demand, gig or access economy. The IRS provides an overview of other products to help small businesses in a YouTube video. Some featured products for small business owners and self-employed individuals are highlighted in the article.
IRS, Security Summit Partners warn of new twist on phone scam; crooks direct taxpayers to IRS.gov to “verify” calls
The Internal Revenue Service warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills. In the latest version of the phone scam, criminals claim to be calling from a local IRS TAC office. Scam artists have programmed their computers to display the TAC telephone number, which appears on the taxpayer’s Caller ID when the call is made. If the taxpayer questions their demand for tax payment, they direct the taxpayer to IRS.gov to look up the local TAC office telephone number to verify the phone number. The crooks hang up, waits a short time and then calls back a second time, and they fake or “spoof” the Caller ID to appear to be the IRS office calling. After the taxpayer has “verified” the call number, the fraudsters resume their demands for money, generally demanding payment on a debit card. Fraudsters also have been similarly spoofing local sheriff’s offices, state Department of Motor Vehicles, federal agencies and others to convince taxpayers the call is legitimate.
IRS employees at TAC offices do not make calls to taxpayers to demand payment of overdue tax bills. The IRS reminds taxpayers it typically initiates most contacts through regular mail delivered by the United States Postal Service.
IRS warns of variation of Form W-8BEN scam; crooks impersonate IRS to get banking and other information
The Internal Revenue Service warned of a new twist tied to an old scam aimed at international taxpayers and non-resident aliens. In this scam, criminals use a fake IRS Form W-8BEN to solicit detailed personal identification and bank account information from victims. Taxpayers who receive the IRS phone scam or any IRS impersonation scam should report it to the Treasury Inspector General for Tax Administration at its IRS Impersonation Scam Reporting site and to the IRS by emailing phishing@irs.gov with the subject line “IRS Impersonation Scam.”
Seasonal, Part-year Workers Urged to Check Tax Withholding Amount
https://www.irs.gov/newsroom/seasonal-part-year-workers-urged-to-check-tax-withholding-amount
The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a “paycheck checkup.”
The Tax Cuts and Jobs Act made changes to the tax law, including increasing the standard deduction, eliminating personal exemptions, increasing the child tax credit, limitig or discontinuing certain deductions and changing the tax rates and brackets. These changes do not affect 2017 tax returns due earlier this year, but they will affect 2018 tax returns filed next year. Any changes that a part-year employee makes to their withholding can affect each paycheck in a larger way than employees who work year-round.
IRS provides certain small employers with relief for the small business health care tax credit for 2017 and later years
The Internal Revenue Service has issued guidance that provides relief for certain small employers that wish to claim the Small Business Health Care Tax Credit for 2017 and later years. The Small Business Health Care Tax Credit can benefit certain small employers who provide health coverage to their employees.
IRS grants relief for taxpayers affected by reduction of maximum deductible Health Savings Account contributions
The Internal Revenue Service announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA). For 2018, taxpayers with family coverage under an HDHP may treat $6,900 as the maximum deductible HSA contribution.
Many tax-exempt organizations must file information returns by May 15; do not include Social Security numbers or personal data
The Internal Revenue Service reminded certain tax-exempt organizations that the Tuesday, May 15 filing deadline for Form 990-series information returns is fast approaching. Form 990-series information returns and notices are normally due on the 15th day of the fifth month after an organization’s tax-year ends. Many organizations use the calendar year as their tax year, making May 15, 2018 the deadline to file for 2017.
IRS provides disaster readiness guidance during National Hurricane Preparedness Week
The IRS reminds taxpayers who may be impacted by hurricanes and other natural disasters that now is a good time to begin preparing for one. National Hurricane Preparedness Week runs from May 6-12. The IRS also wants taxpayers to know that the agency is here to help, including offering a special toll-free hotline for those in federally-declared disaster areas, staffed with IRS specialists trained to handle disaster-related issues.
Tax Tips
https://www.irs.gov/uac/irs-tax-tips
Tax Reform: Changes to Depreciation Affect Businesses Now
IRS Video Portal is One-Stop Shop Featuring Tax Information for Small Businesses
Help Available at IRS.gov for Taxpayers Who Filed an Extension
IRS Issues Guidance for Small Businesses about Valuable Credit
Disasters Don’t Plan Ahead, but You Can
How the Employer Credit for Family and Medical Leave Benefits Employers
New Tool Provides More Information About Exempt Organizations
