Small Business Liaisons
“We're acting to make it easier to do business in Washington"
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Upcoming events & IRS news releases 1/17/2018 Announcements & Upcoming Events: Free Webinar -- Protecting Sensitive Business and Customer Data: Practical Identity Safety Practices for Your Business Speakers from the Federal Trade Commission (FTC) and IRS will talk about how identity thieves target small businesses to steal passwords, bank account information, Social Security numbers and more. Thursday, February 1 – 60 minutes 11:00 am Mountain | 10:00 am Pacific | 9:00 am Alaska You will learn about: To register, click here: https://www.webcaster4.com/Webcast/Page/1148/23939 (offered with closed captioning*) Other events offered by the Federal Trade Commission during Tax Identity Theft Awareness Week: https://www.consumer.ftc.gov/features/feature-0029-tax-identity-theft-awareness-week 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. Did you know the SBA Seattle District Office streams live webinars every second Thursday? Get your questions answered by business savvy experts from the comfort of your home or home office. Visit https://www.eventbrite.com/o/sba-seattle-district-office-7828614365 to see the full lineup of Free Thursday Workshops. Also check out the SBA Learning Center for a variety of free online courses, available anytime! SCORE Workshops SCORE offers workshops designed to give you the skills necessary to start your own successful business. Seattle: http://seattle.score.org/localworkshops Feb 7, Mar 7, Apr 4 -- Starting a New Business Feb 9 – Saving Taxes for Small Businesses Feb 15 – Understanding Financial Statements Mar 23 -- Legal Basics that Small Business Owners Need to Know Spokane: http://scorespokane.org/workshops Feb 7, Mar 7 -- How to Start a New Business Jan 31 – Cybersecurity for Small Business Webinar: How the New Tax Cuts and Jobs Act Impacts Your Small Business https://seattle.score.org/event/how-new-tax-cuts-and-jobs-act-impacts-your-small-business February 27 Congress just passed the most comprehensive tax reform in over 30 years. And with that comes more risk and opportunity for small businesses than any time in the last three decades. In this session, CPA and tax consultant Micah Fraim will explain: There are also several tax resources, including checklists, recorded webinars and more available here: https://seattle.score.org/content/tax-resources 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, States and Tax Industry Warn Employers to Beware of Form W-2 Scam; Tax Season Could Bring New Surge in Phishing Scheme The Internal Revenue Service, state tax agencies and the tax industry urge all employers to educate their payroll personnel about a Form W-2 phishing scam that made victims of hundreds of organizations and thousands of employees last year. During the last two tax seasons, cybercriminals tricked payroll personnel or people with access to payroll information into disclosing sensitive information for entire workforces. The scam affected all types of employers, from small and large businesses to public schools and universities, hospitals, tribal governments and charities. The IRS established a special email notification address specifically for employers to report Form W-2 data thefts – see the full article for details. Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February The Internal Revenue Service has released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. The updated withholding information, posted today on IRS.gov, shows the new rates for employers to use during 2018. Employers should begin using the 2018 withholding tables as soon as possible, but not later than Feb. 15, 2018. They should continue to use the 2017 withholding tables until implementing the 2018 withholding tables. More information is also available in the Withholding Tables Frequently Asked Questions. Free Tax Software Available Now through Free File; Partnership Launches its 16th Year of Free Assistance to Taxpayers Although the tax filing season officially opens Jan. 29, taxpayers can begin preparing and e-filing their taxes for free with IRS Free File software. Free File software will automatically submit returns as soon as the filing season begins. A dozen brand-name Free File partners, acting through the Free File Alliance, offer their software free to eligible taxpayers. Each partner sets its own criteria, but any taxpayer earning $66,000 or less will find one or more software products available. Use the Free File Software Lookup Tool to find free federal and free state return options that match your situation. 2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers The Internal Revenue Service announced that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15. IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018 The IRS has extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 2, 2018, to provide Forms 1095-B or 1095-C to individuals, which is a 30-day extension from the original due date of Jan. 31. This 30-day extension is automatic. Employers and providers don’t have to request it. The due dates for filing 2017 information returns with the IRS are not extended. For 2018, the due dates to file information returns with the IRS are: Take Steps Now for Tax Filing Season https://www.irs.gov/individuals/steps-for-tax-filing-season Get ready today to file your 2017 federal income tax return. Changes for the tax filing season include ITINs, delays in refunds and validating your electronically filed return. As tax filing season approaches, the Internal Revenue Service reminds taxpayers there are things they should do now to get ready for filing season. Get Ready for Taxes: Filing Electronically a Safe, Easy Way to File Get Ready for Taxes: Choosing a Tax Return Preparer? IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017 The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. IRS Issues Guidance on Transition Tax on Foreign Earnings https://www.irs.gov/newsroom/irs-issues-guidance-on-transition-tax-on-foreign-earnings The Treasury Department and the Internal Revenue Service have issued Notice 2018-07, which provides guidance for computing the “transition tax” under recent tax legislation enacted on Dec. 22, 2017. In general, newly enacted section 965 of the Internal Revenue Code imposes a transition tax on untaxed foreign earnings of foreign subsidiaries of U.S. companies by deeming those earnings to be repatriated. Foreign earnings held in the form of cash and cash equivalents are taxed at a 15.5 percent rate, and the remaining earnings are taxed at an 8 percent rate. The transition tax generally may be paid in installments over an eight-year period. IRS Urges Travelers Requiring Passports to Pay Their Back Taxes or Enter into Payment Agreements; People Owing $51,000 or More Covered The Internal Revenue Service strongly encourages taxpayers who are seriously behind on their taxes to pay what they owe or enter into a payment agreement with the IRS to avoid putting their passports in jeopardy. This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt. See Notice 2018-1. National Taxpayer Advocate Delivers Annual Report to Congress; Discusses Tax Reform Implementation and Unveils “Purple Book” National Taxpayer Advocate Nina E. Olson released her 2017 Annual Report to Congress, describing challenges the IRS will face as it implements the recently enacted tax reform legislation and unveiling a new publication, “The Purple Book,” that presents 50 legislative recommendations intended to strengthen taxpayer rights and improve tax administration. The report also examines a wide range of other tax administration issues, including the IRS’s administration of the private debt collection program, the agency’s increasing emphasis on online taxpayer accounts, and its implementation of a recent law that would deny or revoke the passports of taxpayers with significant tax debts. IRS Criminal Investigation Releases Fiscal Year 2017 Annual Report https://www.irs.gov/newsroom/irs-criminal-investigation-releases-fiscal-year-2017-annual-report The Internal Revenue Service today announced the release of the Criminal Investigation Division’s (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2017. Focusing on employment tax, refund fraud, international tax enforcement, tax-related identity theft, public corruption, cybercrime, terrorist financing and money laundering, CI initiated 3,019 cases in FY 2017. The number of cases initiated is directly tied to the number of special agents that CI has. IRS Selects New Advisory Council Members https://www.irs.gov/newsroom/irs-selects-new-advisory-council-members-2018 The Internal Revenue Service announced the appointment of seven new members to the Internal Revenue Service Advisory Council (IRSAC). The IRSAC, established in 1953, is an organized public forum for IRS officials and representatives of the public to discuss various issues in tax administration. The council provides the IRS Commissioner with relevant feedback, observations and recommendations. Tax Tips https://www.irs.gov/uac/irs-tax-tips Ten Tips for Choosing a Tax Preparer Here’s Five Reasons to Use Direct Deposit for a Tax Refund Following Simple Steps Helps People Protect Data from Thieves Six Questions Preparers Should Ask Themselves About Office Security Deciding Whether and How to File? Here’s What to Remember Facts to Remember About IRS Free File EITC Awareness Day Thunderclap Tweets & Graphics Join the #IRS Thunderclap to help promote #EITC on #EITCAwarenessDay. http://bit.ly/2D2FlXR #IRS Thunderclap: Help workers nationwide by promoting #EITC on #EITCAwarenessDay. Sign up: http://bit.ly/2D2FlXR You can join the #IRS Thunderclap for #EITCAwarenessDay to raise awareness of #EITC: http://bit.ly/2D2FlXR #IRS Thunderclap for #EITCAwarenessDay promotes a tax credit for low & moderate income working people. Join us! http://bit.ly/2D2FlXR Spread the word about #EITC, especially on #EITCAwarenessDay. Join the #IRS Thunderclap: http://bit.ly/2D2FlXR
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