Small Business Liaisons
“We're acting to make it easier to do business in Washington"
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Upcoming events & IRS news releases 9/28/2018 Announcements & Upcoming Events: Biz Fair 2018 - Saturday, September 29 Calling all current and aspiring small business owners! Join us for the 22nd annual Biz Fair at Renton Technical College to learn from the experts how to start or grow a successful business. Biz Fair is the longest running all government and non-profit-run small business fair in Washington State. Sharpen your skills by attending seminars taught by savvy business experts who share their knowledge and real-life experiences in a no-sales environment. Gain access to valuable small business resources - visit the Exhibitor Resource Center, staffed by representatives from federal, state and local government agencies, and business and trade associations. 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. Follow us on Twitter at https://twitter.com/bizfair. Greater Pierce County Purchasing Forum 2018 https://www.piercecountywa.gov/CivicAlerts.aspx?AID=3953 Thursday, October 11, 2018 No cost. Visit the link above to learn more and to register. The Pierce County Economic Development Department and the City of Lakewood Economic Development Department, with participating agencies, are again hosting a free Purchasing Forum for local businesses. Learn about new and existing business opportunities with government agencies. 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. 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 Spokane: http://scorespokane.org/workshops 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. Tax Reform - https://www.irs.gov/tax-reform Clarification for business taxpayers: Payments under state or local tax credit programs may be deductible as business expenses Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today. Updates on the implementation of the Tax Cuts and Jobs Act (TCJA) can be found on the Tax Reform page of IRS.gov. Also see State and Local Income Tax FAQs. Help spread the news about Taxpayer Advocate’s new Tax Reform Changes website https://taxpayeradvocate.irs.gov/news/News-Tax-Reform-Changes-Website Is your business or association involved in helping others understand federal income taxes and the ramifications of changes to those laws each year? If yes, we invite you to visit our new site and then help us spread the word about the Taxpayer Advocate Service's Tax Reform Changes website. This mobile friendly Tax Reform Changes website shows how the new Tax Cuts and Jobs Act law may change future tax filings and helps everyone plan for these changes. It even includes line by line explanations and scenarios to describe how the new changes (that took effect for 2018) will be reflected on individual tax returns filed in early 2019. Plus, it’s designed so everyone can also easily see what items have and have not been changed. The article has products you are welcome to post directly on your website, link to them, or use them on your social media sites. You can also watch for and re-tweet or share messages about this site from TAS’s social media channels. Paycheck Checkup Campaign Avoid penalty for underpayment of taxes; IRS says check withholding, make estimated payments With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, the Internal Revenue Service urges taxpayers to plan ahead, understand their options and avoid the penalty when they file in early 2019. Those who are self-employed or have other income, such as interest, dividends, self-employment, capital gains, prizes and awards or have too little tax withheld from wages may need to make estimated or additional tax payments. The U.S. tax system is essentially “pay-as-you-go.” Taxes must be paid as income is earned or received during the year. For people who receive salaries, wages, pensions, unemployment compensation and the taxable part of Social Security benefits, tax can be withheld. Some income is not subject to withholding. This includes some income from the sharing economy and income from self-employment or rental activities. Individuals, including sole proprietors, partners and S corporation shareholders, may need to make estimated tax payments unless they owe less than $1,000 when they file their tax return or they had no tax liability in the prior year (subject to certain conditions). For more information about estimated taxes, see these IRS resources: IRS YouTube Videos: IRS Statement on Form W-4 https://www.irs.gov/newsroom/irs-statement-on-form-w-4 Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The 2019 version of the Form W-4 will be similar to the current 2018 version. A new draft version of the W-4 for 2019 will be available in the coming weeks. More tax reform updates: Other news releases: Coming soon: A new tax transcript to better protect taxpayer data https://www.irs.gov/newsroom/coming-soon-a-new-tax-transcript-to-better-protect-taxpayer-data On Aug. 22, 2018, the IRS announced a change in the format of tax transcripts and provided a preview of proposed changes in the methods of distributing tax transcripts to taxpayers and their authorized third parties, such as tax practitioners. These changes were outlined in IRS News Release 2018-171. The new format for individual tax transcripts will redact personally identifiable information from the Form 1040 series. This replaces the previous format and will be the default format available via Get Transcript Online, Get Transcript by Mail or the Transcript Delivery System for tax professionals as of September 23. Financial entries will remain visible, which will give taxpayers and third-parties the data they need for tax preparation or income verification. The IRS is making these changes to better protect taxpayer data from cybercriminals. As the IRS and its Security Summit partners continue to make inroads against tax-related identity theft, thieves have sought real data – such as transcripts – to better impersonate taxpayers as well as tax preparers. Protect Your Clients; Protect Yourself: Tax Security 101 https://www.irs.gov/newsroom/protect-your-clients-protect-yourself-tax-security-101 "Protect Your Clients; Protect Yourself: Tax Security 101" is a Security Summit awareness campaign intended to provide tax professionals with the basic information they need to better protect taxpayer data and to help prevent the filing of fraudulent tax returns. The news releases and tax tips in this series are also provide beneficial information for all businesses on how to avoid becoming the victim of a data breach. IRS warns of scams related to natural disasters https://www.irs.gov/newsroom/irs-warns-of-scams-related-to-natural-disasters In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters. Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics. To help taxpayers donate to legitimate charities, the IRS website, IRS.gov, has a search feature, Tax Exempt Organization Search, that helps users find or verify qualified charities. Donations to these charities may be tax-deductible. IRS announces adjustments to the Compliance Assurance Process (CAP) program IRS: Offshore Voluntary Compliance Program to end Sept. 28 Tax Tips
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