Small Business Liaisons
“We're acting to make it easier to do business in Washington"
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Upcoming events and IRS news releases 7/26/2017 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 August and September. August 10, 2017 Understanding Individual Taxpayer Identification Numbers (ITINs) and the ITIN Renewal Process (60 minutes, choice of 2 times) Overview of Individual Taxpayer Identification Numbers (ITINs). The primary focus will be on the eligibility and application process, completing Form W-7, working with Certified Acceptance Agents, and the 2015 legislative changes to the ITIN program. CE credit is being offered. 9 a.m. Mountain; 8 a.m. Pacific - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21884 12 p.m. Mountain; 11 a.m. Pacific (closed captioning offered) - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21887 August 15 & 16, 2017 Webisode: Reminders for Form 2290 – Heavy Vehicle Highway Use Tax Return (30 minutes, choice of 2 dates) The webisode will provide an overview of the following: · Federal Highway Use Tax Responsibilities · Form 2290: Best Practices for Filing and Obtaining IRS-stamped Schedule 1 · Advantages of e-Filing Form 2290 · IRS Resources for Trucking Industry · Plus a Live Q & A Closed Captioning will be available. Continuing Education will not be offered. To register, please email SBSE.SL.Web.Conference.Team@irs.gov and include the following information in your email: · Name · Email address · Session Date August 16, 2017 Are you in the entertainment industry or perhaps represent someone who is? Please join us for this virtual tax forum on the entertainment industry. During this web conference IRS and guest speakers will discuss tax issues common to the entertainment industry. This meeting will be an open dialogue to hear your issues and concerns. CE Credit will not be offered to tax practitioners for this event. 10:00 a.m. Pacific, 11:00 a.m. Mountain To register, please send an e-mail to: Susan.Gainous@irs.gov August 17, 2017 Understanding S Corporations Part I – Overview and Election (60 minutes, choice of 2 times) Overview of S Corporations, with focus on the following: 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 (closed captioning offered) - Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/21598 September 7, 2017 Understanding S Corporations Part II – Shareholder Stock Basis & Debt Basis (60 minutes, choice of 2 times) Overview of S Corporations, with focus on the following: 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 (closed captioning offered) - 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. Your Business - Operate Smart – Aug 7 6:00 - 8:00 pm Seattle Public Library - Delridge Branch To register: https://www.eventbrite.com/e/seattle-your-business-operate-smart-tickets-32106513446 Steps for Starting a Business - 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 Sept 6, Oct 4 -- Starting a New Business Aug 23, Sept 29 – Taxes on Small Business Aug 30 - Understanding Financial Statements Spokane: http://scorespokane.org/workshops Aug 2, Sept 6 -- Starting a New Business Aug 23, Sept 27 -- QuickBooks Financial Management There are also a number of online workshops available: https://seattle.score.org/onlineworkshops/tab-a Washington Small Business Development Center Cybersecurity Workshops for Small Business Pre-registration required! Aug 8, Aug 15 – Spokane ($40) Sept 27 – Bellevue (free) Sept 28 – Seattle (free) Phishing Scam Targeting Washington Businesses http://www.dor.wa.gov/content/AboutUs/BLSphishingscam.aspx The Washington Department of Revenue is warning businesses to be aware of an email phishing scam targeting Washington state businesses. The scammers are sending emails that appear to come from Revenue and provide them with instructions to renew their business license using alternate links to the “My DOR” business licensing system. Businesses are encouraged to be on the lookout for this, and other similar scams, and never click on an unusual link in an email. To avoid falling victim to this scam, businesses should: If a business is unsure about an email correspondence with the Department of Revenue or has questions related to this scam, they are asked to call 1-800-451-7985. 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. Security Summit Launches Education Campaign Aimed at Tax Pros; Warns Against Phishing Epidemic with “Don’t Take the Bait” series https://www.irs.gov/newsroom/security-summit-launches-education-campaign-aimed-at-tax-pros The IRS is warning tax professionals to increase their computer security and to beware of their inbox – specifically the successful email scams dubbed spear phishing that identify themselves as a friend, customer or company. As part of the Security Summit effort, the IRS, state tax agencies and the tax industry next week will kick off another series in the Protect Your Clients, Protect Yourself campaign called “Don’t Take the Bait.” It’s critical that tax professionals remember they have not just an obligation but a legal requirement under federal law to protect taxpayer information. Don’t Take the Bait, Step 1: Avoid Spear Phishing Emails Beware of spear phishing emails, a common tactic used by cybercriminals to target practitioners. Don’t Take the Bait, Step 2: Be Alert to Account Takeover Tactics Account takeovers by cybercriminals are on the rise and practitioners increasingly are the targets. The IRS, state tax agencies and the tax industry have made significant progress in the past two years against tax-related identity theft aimed at individuals but warned business identity theft is on the upswing. Some of the increase in business and partnership return identity theft is fueled by cybercriminals’ increasing focus on breaching tax professionals’ systems and stealing client data. Cybercriminals are showing increasing savvy and tax expertise as they use stolen data, sometimes from tax practitioners, to file these business, partnership and trust returns for refunds. Or, they post the stolen data for resale on the Dark Net so that other criminals can file fraudulent tax returns. During the 2017 filing season, the tax software industry began sharing data elements from tax returns with the IRS and states to help identity suspected identity theft business returns. For 2018, the number of elements shared from tax returns will increase to better help identify those suspect returns. Also for 2018, the IRS will be asking tax professionals to gather more information on their business clients. All the data being collected assists the IRS in authenticating that the tax return being submitted is the legitimate return filing and not an identity theft return. Information on Identity Theft for Business, Partnerships and Estate and Trusts Businesses, partnerships and estate and trust filers increasingly are targeted by national and international criminal syndicates who use stolen data to file fraudulent tax returns for refunds. In the past year, the Internal Revenue Service has noted a sharp increase in the number of fraudulent Forms 1120, 1120S and 1041 as well as Schedule K-1. Identity thieves are displaying a sophisticated knowledge of the tax code and industry filing practices as they attempt to obtain valuable data to help file fraudulent returns. See the full article for more information on how to recognize signs of identity theft, Security Summit actions that are being taken to protect filers, and descriptions of recent identity theft schemes. Understanding Employee vs. Contractor Designation https://www.irs.gov/uac/newsroom/understanding-employee-vs-contractor-designation The Internal Revenue Service reminds small businesses of the importance of understanding and correctly applying the rules for classifying a worker as an employee or an independent contractor. For federal employment tax purposes, a business must examine the relationship between it and the worker. The IRS Small Business and Self-Employed Tax Center on the IRS website offers helpful resources. Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax. The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work, not what will be done and how it will be done. Small businesses should consider all evidence of the degree of control and independence in the employer/worker relationship. Whether a worker is an independent contractor or employee depends on the facts in each situation. Taxpayers Should Review Their Withholding; Avoid Having Too Much or Too Little Federal Income Tax Withheld The Internal Revenue Service today encouraged taxpayers to consider checking their tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe in 2018. IRS Office of Appeals Pilots Virtual Service https://www.irs.gov/uac/newsroom/irs-office-of-appeals-pilots-virtual-service The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences. The IRS expects it to be especially useful for taxpayers located far from an IRS Appeals office. Tax Tips https://www.irs.gov/uac/irs-tax-tips Tips on How to Handle an IRS Letter or Notice How to Get Tax Transcripts and Copies of Tax Returns from the IRS Summertime or Anytime: Get Tax Help 24/7 on IRS.gov Plan Ahead for Tax Time When Renting Out Residential or Vacation Property
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