Small Business Liaisons
“We're acting to make it easier to do business in Washington"
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Upcoming events & IRS news releases 12/4/2015 Announcements & Upcoming Events: IRS Business Taxes for the Self Employed Webinar Now Available On Demand! http://www.irsvideos.gov/BusinessTaxesForTheSelfEmployedTheBasics/ The IRS webinar “Business Taxes for the Self-Employed: The Basics” is now archived and available for viewing on the IRS Video Portal. For more information on Business Taxes for the Self-Employed, visit IRS.gov: Fact Sheet: Business Taxes for the Self-Employed: The Basics Other Related Information: Small Business and Self-Employed Tax Center Self-Employed Individuals Tax Center IRS Tax Calendar for Businesses and Self-Employed Small Business Workshops – Seattle SBA Education and Training Center 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 Your Business - Start Smart: Planning Your Business To register, visit the SBA Seattle District Office Eventbrite page (link is external). (link is external) Don’t miss out! This is the last workshop in a series of free entrepreneurship training the Seattle SBA launched 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: Seattle SCORE Workshops http://seattle.score.org/localworkshops SCORE offers workshops designed to give you the skills necessary to start your own successful business. Dec 2 -- 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. 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. Dec 2 – Tukwila -- 9 a.m. to 12 p.m. New Business Tax Workshops – Washington State Department of Revenue 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 IRS Resource Helps Employers Understand the Health Care Law ACA Information Center for Applicable Large Employers (ALEs) The new ACA Information Center for Applicable Large Employers page on IRS.gov features information and resources for employers of all sizes on how the health care law may affect them if they fit the definition of an applicable large employer. Visitors to the page will find links to: Although the vast majority of employers will not be affected, you should determine if you are an applicable large employer. If you averaged at least 50 full-time employees, including full-time equivalent employees, during 2014, you are most likely an ALE for 2015. If you have fewer than 50 full-time employees, you may be considered an applicable large employer if you share a common ownership with other employers. As an applicable large employer, you should be taking steps now to prepare for the coming filing season. Tax Preparedness Series: Make a Wise Choice when Selecting a Tax Preparer While there is still time before the next tax filing season, choosing a return preparer now allows more time for taxpayers to consider appropriate options and to find and talk with prospective tax preparers rather than during tax season when they’re most busy. Furthermore, it enables taxpayers to do some wise tax planning for the rest of the year. If a taxpayer prefers to pay someone to prepare their return, the Internal Revenue Service encourages them to choose that person wisely as the taxpayer is legally responsible for all the information included on the return. This is the third in a series of weekly tax preparedness releases designed to help taxpayers begin planning to file their 2015 return. See the full article for tips taxpayers can keep in mind when selecting a tax professional. Tax Preparedness Series: Gathering Essential Documents for Next Filing Season Well-organized records make it easier to prepare a complete and accurate income tax return next filing season. The Internal Revenue Service encourages individuals to gather the adequate documents that can also help provide answers if their return is selected for an audit or to prepare a response if they receive an IRS notice. Find tips on basic recordkeeping, the kinds of records to keep, and keeping an electronic copy of your records. General Employment Tax Issues https://www.irs.gov/uac/Newsroom/General-Employment-Tax-Issues The Internal Revenue Service reminds business owners how critical it is to understand the various types of employment-related taxes they may be required to deposit and report. This fact sheet provides information on some of the more common employment tax topics posed by business owners, including: IRPAC Issues Annual Report for 2015 https://www.irs.gov/uac/Newsroom/IRPAC-Issues-Annual-Report-for-2015 The Information Reporting Program Advisory Committee (IRPAC) has issued its annual report for 2015, including numerous recommendations to the IRS Commissioner on new and continuing issues in tax administration. Information reporting by third parties is one of the primary ways IRS verifies tax return information. In 2015, the IRS was expected to receive nearly 2.3 billion information returns. IRPAC members represent financial services and payroll firms, colleges and universities and other types of businesses both small and large. IRPAC is a federal advisory committee formed in 1991 that serves as an organized public forum for discussion of information reporting issues. The full 2015 IRPAC Public Report is available on IRS.gov. Plan now to Use Health Flexible Spending Arrangements in 2016; Contribute up to $2,550; $500 Carryover Option Available to Many The Internal Revenue Service reminds eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2016. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need to decide how much to contribute through payroll deductions before the plan year begins, many employers this fall are offering their employees the option to participate during the 2016 plan year. Interested employees wishing to contribute during the new year must make this choice again for 2016, even if they contributed in 2015. Self-employed individuals are not eligible. 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 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. Resources Available to Help Insurance Providers and Employers Understand ACA Filing Requirements 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: The Affordable Care Act and Employers
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