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Upcoming events & IRS news releases     10/26/2015

Announcements & Upcoming Events:

IRS Webinar: General Employment Tax Issues

https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-small-businesses

November 4 -- 11:00 a.m. - noon

Register here: https://www.webcaster4.com/Webcast/Page/445/11225

This FREE 1-hour broadcast is for industry organizations, tax and payroll professionals.  

Topics include:

  • Worker Classification
  • Voluntary Classification Settlement Program
  • Fringe Benefits
  • Officer Compensation
  • Backup Withholding and Related Information Return Penalties

Plus live Q&A with Marvina Dail, Revenue Agent, and Rebecca Wilson, Acting Branch Chief, Employment Tax, IRS Office of Chief Counsel.

This event will be archived in the IRS Video Portal for later viewing approximately three weeks after the date of the event. 

North Puget Sound Small Business Summit

http://www.eventbrite.com/e/north-puget-sound-small-business-summit-tickets-18073808247

Friday, November 6
8:30 a.m. to 3:30 p.m.
Xfinity Arena, Edward D. Hansen Conference Center
2000 Hewitt Ave. #200 | Everett, WA 98201

 

This free, full-day event will provide small and disadvantaged business enterprise firms with a forum to learn about and discuss available resources to better compete for public and private procurement opportunities. Participants include small businesses, minority businesses, trade organizations, prime contractors, DOT leaders, political leaders, and industry experts. Participants will explore opportunities to partner on transportation projects in North Puget Sound area.  Register at the link above.

Small Business Workshops – Seattle SBA Education and Training Center
Navigating Federal Business Taxes -
2nd Thursday of each month - 9:00 am to 10:00 am

What you need to know to start and sustain your company without being so focused on your tax return.  In this class you will learn the types of entity structures and their tax effects, important requirements for specific deductions like meals and entertainment and home office and how to choose your tax preparer. 

 Licensing and Registration:  What You Need To Know - 2nd Thursday of each month - 10:30 to 11:30 am

Once you've chosen your business entity (limited liability company, corporation, sole proprietor, etc.), then it's time to register and license your business. Hear what steps you need to take with the Secretary of State's Office and Business Licensing Services.         

Workshops are held at the 4th & Battery Building - 2401 Fourth Avenue, Suite 450, Seattle

Please pre-register by calling 206-553-2664 or e-mail workshops@sba.gov.

SBA and SCORE also offer a variety of other workshops for small business owners – find out more here: https://www.sba.gov/offices/district/wa/seattle

 Your Business - Start Smart

https://www.sba.gov/content/new-your-business-start-smart-program-brings-free-entrepreneurship-training-where-people-are

A new free entrepreneurship training program will officially launch next week in Seattle and Bellevue to bring education to people who are interested in starting their own business but unaware of the many free resources available to them.

Your Business - Start Smart is the result of a partnership between the U.S. Small Business Administration (SBA) Seattle District Office, the Seattle Public Library (SPL) and the King County Library System (KCLS).The program pulls together resources from the SBA, its resource partners, and library systems to provide a two-hour seminar covering the following five topics:

  • Characteristics and motivations of entrepreneurs
  • Initial considerations, steps and planning
  • Financing options
  • Market research tools
  • Local resources 

 

Your Business - Start Smart: Financing Your Business

Oct. 26 at Seattle Public Library

 Your Business - Start Smart: Planning Your Business
Nov. 10 at Bellevue Public Library
Nov. 19 at Seattle Public Library

More information about the Start Smart classes can be found on the SBA Seattle District Office Eventbrite page (link is external). (link is external)

Seattle SCORE Workshops

http://seattle.score.org/localworkshops

SCORE offers workshops designed to give you the skills necessary to start your own successful business. 

Nov 4 -- Starting a New Business

4th & Battery Building - 2401 Fourth Avenue, Suite 450, Seattle

Affordable Care Act 101 Webinars for Small Business

The SBA and Small Business Majority are holding weekly Affordable Care Act 101 webinars. During the presentation, small business owners can learn about the law and what it means for their company and employees.  Visit the web page above for a complete schedule and to register. Webinars are also offered in Spanish. See the page above for dates and to register. 

Employer's Introduction to L&I Workshops

http://lni.wa.gov/Safety/TrainingPrevention/workshops/WorkshopInfo.asp?WkshopID=78

This workshop is designed for new businesses or businesses that plan to hire workers for the first time. It explains an employer’s rights and responsibilities and provides an overview of the services and resources available at Labor and Industries. 

Nov 17 – Everett --  9 a.m. - 12 p.m.

Dec 2 – Tukwila -- 9 a.m. to 12 p.m.

New Business Tax Workshops – Washington State Department of Revenue

https://fortress.wa.gov/dor/efile/secureforms/content/workshopsandeducation/AttendAWorkshop/RegisterForWorkShop.aspx?ID=213

Learn the basics of Washington State taxes. This free workshop will help you understand your tax reporting responsibilities. Tax reporting classifications, deductions, sales tax collection, and recordkeeping requirements will be discussed. You'll also have the opportunity to ask questions regarding taxes that apply specifically to your business. To find out when the next workshop will be held in your area, and to register, see the link above.  Can’t attend a workshop in person? Watch an online workshop or tutorial.

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.

 

New Audit Technique Guide for Child Care Providers

https://www.irs.gov/businesses/small-businesses-self-employed/child-care-tax-center

The new Child Care Provider Audit Techniques Guide will provide information on tax related issues pertaining to the child care providers industry. It provides guidance on accounting for income and deductions. Intended audiences are taxpayers, tax professionals and IRS examiners.

IRS, States, Industry Continue Progress to Protect Taxpayers from Identity Theft

https://www.irs.gov/newsroom/irs-states-industry-continue-progress-to-protect-taxpayers-from-identity-theft

The Internal Revenue Service, state tax administrators and leaders of the tax industry announced continued progress to expand and strengthen protections against identity theft refund fraud for the 2016 tax season. The public-private sector partnership announced success in identifying and testing more than 20 new data elements on tax return submissions that will be shared with the IRS and the states to help detect and prevent identity-theft related filings. In addition, the software industry is putting in place enhanced identity requirements and validation procedures for their customers to protect accounts from identity thieves.

Business E-File Up almost 9 Percent This Year; Almost 8 of 10 Corporate and Partnership Tax Returns are Now Filed Electronically

https://www.irs.gov/newsroom/business-e-file-up-almost-9-percent-this-year-almost-8-of-10-corporate-and-partnership-tax-returns-are-now-filed-electronically

The Internal Revenue Service announced today the number of tax returns e-filed by businesses rose nearly 9 percent this year, continuing the growth in the number of corporate and partnership returns filed electronically. As of Sept. 20, almost 8 million corporations and partnerships e-filed their income tax returns. The IRS estimates that e-file accounts for 77 percent of all corporate and partnership returns filed during 2015.

IRS Announces 2016 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2016

https://www.irs.gov/newsroom/irs-announces-2016-pension-plan-limitations-401k-contribution-limit-remains-unchanged-at-18000-for-2016

The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016.

In 2016, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

https://www.irs.gov/newsroom/in-2016-some-tax-benefits-increase-slightly-due-to-inflation-adjustments-others-are-unchanged

For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about these annual adjustments.

Tax Preparedness Series: Employees Should Take Time to Check Withholding

https://www.irs.gov/newsroom/irs-encourages-taxpayers-to-check-their-withholding-checking-now-helps-avoid-surprises-at-tax-time

IRS YouTube Videos - IRS Withholding Calculator: English | Spanish | ASL

IRS Podcasts - IRS Withholding Calculator: English | Spanish

The Internal Revenue Service reminds taxpayers that the earlier in the year they check their withholding, the easier it will be to get the right amount of tax withheld. Besides wages, income tax is often withheld from other types of income, such as pensions, bonuses, commissions and gambling winnings. Ideally, taxpayers should try to match their withholding with their actual tax liability. If not enough tax is withheld, they will owe tax at the end of the year and may have to pay interest and a penalty. If too much tax is withheld, they will lose the use of that money until they get their refund.

Offshore Compliance Programs Generate $8 Billion; IRS Urges People to Take Advantage of Voluntary Disclosure Programs

With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax obligations.

Tax Tips

http://www.irs.gov/uac/IRS-Tax-Tips

Visit this page for the latest IRS tax tips.  Here is a sample of the tips available:

IRS Urges Public to Stay Alert for Scam Phone Calls

Top 10 Tax Tips about Filing an Amended Tax Return

Health Care Tax Tips

https://www.irs.gov/affordable-care-act/health-care-tax-tips2

Check out the tax tips for your health care questions on this page.

 

The Time is Here: Reporting Requirements for Applicable Large Employers

Mark Your Calendar Now: 2016 Reporting Deadlines for Employers and Health Coverage Providers

Health Coverage Providers: Understanding Minimum Essential Coverage

One Simple Graphic Helps You Determine if You’re Eligible for the Premium Tax Credit

 

Small Business Health Options Program (SHOP) Marketplace

https://www.healthcare.gov/small-businesses/

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.

 

There are guides, an archived webinar and other resources available here: https://marketplace.cms.gov/outreach-and-education/shop-resources-2018.html

The Affordable Care Act and Employers
Information on Key Tax Provisions Affecting Employers 

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