April 10 – 12:30 – 2:00 pm
Moses Lake Chamber of Commerce
This is a rare opportunity to meet a variety of small business resource representatives all in one place, including SBA, SCORE, SBDC, Women’s Business Center and more.
Drop in - no registration required.
Small Business Resource Fair - Spokane
April 11 – 12:30 – 2:00 pm
Spokane Library
A rare opportunity to meet a variety of small business resource representatives all in one place. Talk with: US Small Business Administration, USDA Rural Development, Washington Small Business Development Center, SCORE – for business mentoring, Start Up Spokane, SNAP Micro Lender, Spokane Women’s Business Center. Drop in - no registration required.
The Asian American Pacific Islander (AAPI) Small Business Roundtable
Tuesday, April 16 - 9:30am–12pm
Bellevue Library
Event is free, but registration required – visit the link above to register.
Who should attend: small business owners and entrepreneurs ▪ local, state and federal government ▪ chambers and business associations ▪ lenders ▪ business resource partners and organizations
The SBA is hosting a roundtable to listen and document best practices that will be used to inform outreach strategies to small businesses for the WHIAAPI, and to connect local small businesses to new resources.
2019 SBA Resource Guide for Washington & Northern Idaho Now Available!
The updated 2019 SBA Resource Guide is now available! Go to the direct link above, or find it on the SBA website by following these steps:
Click on “Seattle District Office Resource Guide”
Small Business Administration Workshops
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.
Apr 5, May 9, June 12 – Saving Taxes for Small Business
Apr 10, May 8, June 12 – Understanding Financial Statements
Apr 17, May 16, June 13 – Successfully Starting a New Business
Apr 18, June 7 – Managing Finances for a New One-Person Business
Small Business Development Center (SBDC) Workshops
The SBDCs across Washington offer a variety of online and in person training for businesses. Visit the two links above to see what is available.
Apr 17 – Mountlake Terrace: Your Business - Start Smart
Apr 18 – Covington: Small Business Start-up
May 15 – Tukwila: Prevent Fraud in Your Small Business
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 Time Guide wrap-up: Tips on payment options, penalty waivers, refunds and more
The filing deadline to submit 2018 tax returns is Monday, April 15, 2019, for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17 to file their returns.
IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold lowered to 80 percent
The Internal Revenue Service is providing additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The usual percentage threshold is 90 percent to avoid a penalty. This means that the IRS is now waiving the estimated tax penalty for any taxpayer who paid at least 80 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two.
Estimated taxes form and publication can help people pay the right amount in 2019
The Internal Revenue Service reminds self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 is due Monday, April 15, 2019, for most taxpayers. A 2018 tax return and 2019 Form 1040-ES, Estimated Tax for Individuals, can help these taxpayers estimate their first quarterly tax payment.
The Tax Cuts and Jobs Act changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. The law changed tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued other deductions. As a result, many taxpayers may need to raise or lower the amount of tax they pay each quarter through estimated tax payments. The 2019 Form 1040-ES and instructions include inflation adjustments for the standard deduction, income tax rate schedules for tax year 2019 and a worksheet to help taxpayers figure estimated tax payments correctly.
IRS revises EIN application process; seeks to enhance security
As part of its ongoing security review, the Internal Revenue Service announced that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, employee retirement plans and other entities for tax filing and reporting purposes. The change will prohibit entities from using their own EINs to obtain additional EINs. The requirement will apply to both the paper Form SS-4, Application for Employer Identification Number (PDF), and online EIN application.
Plug-in electric vehicle manufacturer crosses 200,000 sold threshold; tax credit for eligible consumers begins phase down on April 1
General Motors, LLC has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the fourth quarter of 2018. This triggers a phase out of the tax credit available for purchasers of new General Motors plug-in electric vehicles beginning April 1, 2019.
IRS concludes "Dirty Dozen" list of tax scams for 2019: Agency encourages taxpayers to remain vigilant year-round
The IRS reminds taxpayers to remain vigilant to these often aggressive and evolving schemes throughout the year. This year's “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter at any time, although many may peak during tax-filing season. The schemes run the gamut from simple refund inflation scams to complex tax shelter deals. Taxpayers are encouraged to review the list in a special section on IRS.gov and be on the lookout for these ruses throughout the year.
Taxpayers should remember that they are legally responsible for what is on their tax return even if it is prepared by someone else. Consumers can help protect themselves by choosing a reputable tax preparer. For more, see the Choosing a Tax Professional page.
IRS YouTube Videos:
With new SALT limit, IRS explains tax treatment of state and local tax refunds
The Internal Revenue Service clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue Ruling 2019-11 (PDF), the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the taxpayer’s federal income tax return. Today’s announcement does not affect state tax refunds received in 2018 for tax returns currently being filed.
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025.
Tax Tips
Tax Preparers can protect their clients by hiring a cybersecurity pro
