Small Business Liaisons
“We're acting to make it easier to do business in Washington"
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Upcoming events & IRS news releases 3/15/2018
Announcements & Upcoming Events: Small Business Administration Presents The Million Dollar Women’s Panel Hear how they made their first million! Are you a current or aspiring entrepreneur or a business service provider? Are you interested in hearing stories from successful entrepreneurial women who have made a million or more in business? SBA and the U.S. Department of Labor Women’s Bureau invite you to this special event where you will network with other current and aspiring entrepreneurs, service providers and hear from our “Million Dollar Women” and discover resources to start or grow your business. Tuesday, March 20 -- 9 a.m. - noon SBA Seattle District Office Fourth Floor Training Room 2401 4th Ave. Suite 450, Seattle, WA 98121 Register online: https://www.eventbrite.com/e/seattle-the-million-dollar-womens-panel-tickets-42549385357 Small Business Administration’s Boots to Business - Tacoma https://sbavets.force.com/s/class/a00t0000004OZ7vAAG/reboot20180326tcc-reboot Veterans have the character, discipline and skills needed to succeed as small business owners and entrepreneurs. The SBA has the training program designed uniquely for veterans and their spouses. Tacoma - March 26-27 Please note you will need to create a profile with sbavets.force.com before you can register online. Registration: https://sbavets.force.com/s/class/a00t0000004OZ7vAAG/reboot20180326tcc-reboot Boots to Business Reboot is a two-step training program that provides participants with: 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. March 15 -- Seattle/Live Webinar - Register, License, Go! 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 Apr 4, May 2, June 6 -- Starting a New Business Mar 23, Apr 10, 18, 25 – Saving Taxes for Small Businesses Apr 19 – Understanding Financial Statements Mar 23 -- Legal Basics that Small Business Owners Need to Know Spokane: http://scorespokane.org/workshops Apr 4 -- How to Start a New Business 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. The IRS “Dirty Dozen” https://www.irs.gov/newsroom/dirty-dozen The Dirty Dozen represents the worst of the worst tax scams. Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. Don’t fall prey. IRS YouTube Videos: Here is the list, with each topic linked to an article: Following continuing threats to taxpayers, the Internal Revenue Service listed email “phishing” schemes as a top filing season concern and part of the annual listing of the “Dirty Dozen” tax scams for 2018. Phone Scams Pose Serious Threat; Remain on IRS ‘Dirty Dozen’ List of Tax Scams The IRS reminded taxpayers to be careful with continuing aggressive phone scams as criminals pose as IRS agents in hopes of stealing money. Despite Major Progress, Identity Theft Still on IRS ‘Dirty Dozen’ Tax Scams List Even though reports of tax-related identity theft have declined markedly in recent years, the Internal Revenue Service warns that this practice is still widespread and remains serious enough to earn a spot on the agency’s annual “Dirty Dozen” list of tax scams. With more than half of the nation's taxpayers relying on someone else to prepare their tax return, the IRS reminds consumers to be on the lookout for unscrupulous tax preparers looking to make a fast buck from honest people seeking tax assistance. The IRS warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don't actually qualify for a tax deduction. The IRS warned taxpayers to be alert to unscrupulous return preparers touting inflated tax refunds. The IRS warned that taxpayers should avoid making improper claims for business credits, a common scam used by unscrupulous tax preparers. Falsely padding deductions highlighted in IRS 2018 ‘Dirty Dozen’ tax scams The IRS warned taxpayers to avoid falsely inflating deductions or expenses on tax returns. Information is also available in Spanish: La Docena sucia representa las peores estafas tributarias https://www.irs.gov/es/newsroom/dirty-dozen Tax Time Guide https://www.irs.gov/newsroom/tax-time-guide The IRS has developed the Tax Time Guide, a series of nine news releases to help taxpayers navigate common tax issues as this year’s April 17 deadline nears. Tax Time Guide: IRS Publication 17 helps taxpayers with 2017 taxes Taxpayers who are looking for a comprehensive guide of 2017 tax benefits and useful tips to help them with their taxes don’t have to go further than IRS Publication 17, Your Federal Income Tax. Tax Time Guide: Try Money-Saving IRS Free File As the filing deadline approaches next month, the Internal Revenue Service reminds taxpayers that more than 70 percent of them qualify for free tax filing with IRS Free File. Almost everyone can use Free File to prepare and e-file their federal taxes either through brand-name software or using online fillable forms. Tax Time Guide: Use IRS.gov to Find Qualified Tax Professionals With more than half of the nation relying on tax practitioners, the Internal Revenue Service reminded taxpayers that IRS.gov offers useful information and tips in selecting a tax professional. Tax Time Guide: Guard personal, financial, tax information thoroughly The Internal Revenue Service urged taxpayers to remain vigilant in protecting their personal and tax information. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital. Interest on Home Equity Loans Often Still Deductible Under New Law https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law The Internal Revenue Service advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan. The new law imposes a lower dollar limit on mortgages qualifying for the home mortgage interest deduction. Beginning in 2018, taxpayers may only deduct interest on $750,000 of qualified residence loans. The limit is $375,000 for a married taxpayer filing a separate return. These are down from the prior limits of $1 million, or $500,000 for a married taxpayer filing a separate return. The limits apply to the combined amount of loans used to buy, build or substantially improve the taxpayer’s main home and second home. Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds The Internal Revenue Service is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide range of individual and business tax benefits that had expired at the end of 2016. The IRS has now reprogrammed its processing systems to handle the three benefits most likely to be claimed on returns filed early in the tax season. Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law The Internal Revenue Service released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks. If changes to withholding should be made, the Withholding Calculator gives employees the information they need to fill out a new Form W-4, Employee’s Withholding Allowance Certificate. Employees will submit the completed W-4 to their employer. IRS: Refunds worth $1.1 billion waiting to be claimed by those who have not filed 2014 federal income tax returns Unclaimed federal income tax refunds totaling about $1.1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service. To collect the money, these taxpayers must file their 2014 tax return with the IRS no later than this year's tax deadline, Tuesday, April 17. IRS to end offshore voluntary disclosure program; Taxpayers with undisclosed foreign assets urged to come forward now The Internal Revenue Service announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes. IRS provides additional details on section 965, transition tax; Deadlines approach for some 2017 filers The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the section 965 transition tax. The Tax Cuts and Jobs Act requires various taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings and profits had been repatriated to the United States. The new law outlines details on the tax rates, and certain taxpayers may elect to pay the transition tax over eight years. Interest Rates Increase for the Second Quarter of 2018 https://www.irs.gov/newsroom/interest-rates-increase-for-the-second-quarter-of-2018 The Internal Revenue Service announced that interest rates increased for the calendar quarter beginning April 1, 2018. Tax Tips https://www.irs.gov/uac/irs-tax-tips IRS Alerts Taxpayers about Refund Scam Don’t Fall for Scam Calls and Emails Impersonating IRS The Right to Challenge the IRS’s Position and Be Heard - Taxpayer Bill of Rights #4 The Right to Appeal an IRS Decision in an Independent Forum — Taxpayer Bill of Rights #5 Taxpayers Should Report Name Changes Before Filing Taxes Check Status of a Tax Refund in Minutes Using Where’s My Refund? Tax Filing Deadline is Soon, Remember Most Taxpayers Can File for Free Top Things to Know About Deducting Charitable Contributions on a 2017 Tax Return
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