Small Business Liaisons
“We're acting to make it easier to do business in Washington"
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Upcoming events & IRS news releases; Save the date for Biz Fair 2017! 6/29/2017 Announcements & Upcoming Events: Save the Date! Biz Fair 2017 - Saturday, September 30 One day, one place - learn from the experts how to form and run a successful business at the 20th annual Washington Small Business Fair. Biz Fair 2017 happens Saturday, September 30, 8:00 a.m. to 3:30 p.m. at Renton Technical College, 3000 NE 4th Street, in Renton. Sharpen your skills - attend seminars that cover important, up-to-date topics for all stages of business ownership. Savvy business experts share their knowledge and real-life experiences with you. Save valuable time - connect with 30 federal, state and local government agencies, and business and trade associations to get the information you need. The fair is free, with plenty of free parking and no advance registration. Visit www.bizfair.org for more information. Find us on Facebook at www.facebook.com/bizfair. Free IRS Webinars https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-small-businesses-1 IRS will offer several free webinars for small businesses and tax professionals in July, August and September. Two 60-minute sessions are available for each topic. Closed captioning will be offered for Session 2 web conferences ONLY (12 p.m. Mountain; 11 a.m. Pacific). Session 1 – 9 a.m. Mountain; 8 a.m. Pacific Session 2 – 12 p.m. Mountain; 11 a.m. Pacific July 20, 2017 Understanding Tax Scams and Schemes 9 a.m. Mountain; 8 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21591 12 p.m. Mountain; 11 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21595 August 17, 2017 Understanding S Corporations Part I – Overview and Election 9 a.m. Mountain; 8 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21596 12 p.m. Mountain; 11 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21598 September 7, 2017 Understanding S Corporations Part II – Shareholder Stock Basis and Debt Basis 9 a.m. Mountain; 8 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21599 12 p.m. Mountain; 11 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21603 Small Business Administration Workshops https://www.sba.gov/offices/district/wa/seattle SBA offers a variety of workshops, some online and others in person. Check the Events Calendar for a complete list. Steps for Starting a Business - June 28, July 26, Aug 23 Women's Business Center, South Puget Sound Community College - Lacey To register: http://www.campusce.net/spscc/Course/Course.aspx?c=1398 Also check out the SBA Learning Center for a variety of free online courses, available anytime! Here is an example of one: Financing Options for Small Businesses This self-paced training exercise is an introduction to financing options for your business. Topics include determining your financial needs, loans, grants, venture capital, angel investors, crowd funding and other financial options available to small businesses. Duration: 30 minutes SCORE Workshops SCORE offers workshops designed to give you the skills necessary to start your own successful business. Seattle: http://seattle.score.org/localworkshops July 5 -- Starting a New Business July 21, Aug 23 – Taxes on Small Business Spokane: http://scorespokane.org/workshops July 5, Aug 2, Sept 6 -- Starting a New Business June 28, July 26, Aug 23, Sept 27 -- QuickBooks Financial Management There are also a number of online workshops available: https://seattle.score.org/onlineworkshops/tab-a 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. National Taxpayer Advocate Reviews Filing Season and Identifies Priority Areas and Challenges in Mid Year Report to Congress National Taxpayer Advocate Nina E. Olson has released her statutorily mandated mid-year report to Congress that presents a review of the 2017 Filing Season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the upcoming fiscal year, and contains the IRS’s responses to each of the 93 administrative recommendations the Advocate made in her 2016 Annual Report to Congress. In her preface to the report, Ms. Olson praises the IRS for running a generally successful filing season, including reducing the incidence of identity theft, implementing new accelerated Form W‑2 reporting requirements, and matching Forms W‑2 against tax returns claiming refunds. But Ms. Olson says taxpayers who require assistance from the IRS are continuing to face significant challenges obtaining it. She attributes part of the problem to resource constraints, saying that IRS funding has been reduced by nearly 20 percent since fiscal year (FY) 2010, after adjusting for inflation. While taxpayer services and enforcement activities are both essential for effective tax administration, Ms. Olson says taxpayer services require more emphasis than they are currently receiving. She points out that more than 60 percent of the IRS budget is allocated to enforcement activities while only about 4 percent is allocated for taxpayer outreach and education. The report elaborates on taxpayer service limitations, particularly involving outreach and education: As of September 30, 2016, the IRS dedicated only 98 employees to conducting education and outreach to the 62 million small business and self-employed taxpayers, and only 365 employees to conducting education and outreach to the nearly 125 million individual taxpayers. There are 14 states that have no Stakeholder Liaison employees who conduct outreach to small business and self-employed taxpayers. The number of Taxpayer Assistance Centers [TACs] is declining each year, and because of the IRS’s new appointment-only system, taxpayers who show up without an appointment are routinely turned away. The TACs have completely stopped offering free tax preparation for low income, elderly, and disabled taxpayers and they will not answer “out-of-scope” tax law questions during the filing season and will not answer any tax law questions outside the filing season. Ms. Olson recommends that the IRS expand its outreach and education activities and improve its telephone service and that Congress provide the IRS with sufficient funding to do so. IRS Website Provides Tools to Help Small Businesses Understand Employment Taxes The Internal Revenue Service reminds small businesses of the many free products available to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov. Federal law requires most employers to withhold federal taxes from their employees' wages. IRS tools can help small businesses understand some of the requirements for withholding, reporting, and paying employment taxes. The IRS website, IRS.gov, provides easily accessible information and guides on what forms employers should use as well as how and when to deposit and report employment taxes. IRS Cautions Taxpayers to Watch for Summertime Scams https://www.irs.gov/uac/newsroom/irs-cautions-taxpayers-to-watch-for-summertime-scams The Internal Revenue Service today issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims. (Read the news release in Spanish: Español) IRS YouTube Videos: Private Collection of Overdue Taxes: English | Spanish IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People to Remain Vigilant Against Scams, Schemes this Summer The Internal Revenue Service warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest twist, the scammer claims to be from the IRS and tells the victim about two certified letters purportedly sent to the taxpayer in the mail but returned as undeliverable. The scam artist then threatens arrest if a payment is not made through a prepaid debit card. The scammer also tells the victim that the card is linked to the EFTPS system when, in fact, it is entirely controlled by the scammer. The victim is also warned not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made. IRS Continues to Expand Taxpayer Services; Adds New Features to Taxpayers Online Account The Internal Revenue Service announced today the addition of several new features to the online account tool first introduced late last year as part of the IRS’s commitment to improve and expand taxpayer services. The online account allows individual taxpayers to access the latest information available about their federal tax account through a secure and convenient tool on IRS.gov. When it first launched in December 2016, the tool assisted taxpayers with basic account inquiries such as information about their balance due and access to the various IRS payment options. Since then, the IRS has added new features allowing taxpayers to: IRS Approves First Group of Certified Professional Employer Organizations; More Expected in Coming Months The Internal Revenue Service has issued notices of certification to 84 organizations that applied for voluntary certification as a Certified Professional Employer Organization (CPEO). After the IRS receives the required surety bond from an approved CPEO applicant, the IRS will publish that CPEO’s name, address, and effective date of certification on IRS.gov. Under legislation enacted in late 2014, the IRS established a voluntary certification program for professional employer organizations (PEOs). These organizations typically handle various payroll administration and tax reporting responsibilities for their business clients. To become and remain certified under the new program, CPEOs must meet tax compliance, background, experience, business location, financial reporting, bonding, and other requirements. Electronic Tax Administration Advisory Committee Issues 2017 Annual Report The Electronic Tax Administration Advisory Committee (ETAAC) held its annual public meeting and released its annual report to the IRS and the Congress, which includes numerous recommendations on improving electronic security in the tax system and fighting tax fraud related to identity theft. The report marks the first year during which the ETAAC has turned its attention to efforts undertaken by the Security Summit -- an unprecedented undertaking by the IRS and its partners in state tax administration and the private sector. ETAAC members represent various segments of the tax community including tax practitioners and preparers, consumer advocates, state governments and tax software developers. The 2017 Electronic Tax Administration Advisory Committee Report is available on IRS.gov. Interest Rates Remain the Same for the Third Quarter of 2017 https://www.irs.gov/uac/newsroom/interest-rates-remain-the-same-for-the-third-quarter-of-2017 The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017. Tax Tips
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