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Small Business Week Tax Information Webcasts

4/26/2018

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The IRS will be hosting daily webcasts to help small business owners with common tax problems and situations.  They announced today what each topic will be on and it is easy to register for a webcast that could help to save you money and trouble.  Take a look at what the IRS is offering (below) and follow the links to register.

April 30 – Can I Deduct This?
The discussion will cover the most common tax deductions for entrepreneurs. This includes the requirements for deducting auto expenses, recordkeeping requirements for deducting business travel expenses and the basics of the home office deduction. Speakers will also share valuable IRS resources to help keep businesses “tax healthy.”
To register for a webcast on April 30, go to:
  • Session 1
  • Session 2
May 1 – Employee vs. Independent Contractor
This presentation will help explain the difference between a common-law employee and an independent contractor, a situation frequently encountered by small businesses. The discussion will include the categories affecting these statuses, including: behavioral control; financial control and relationship of the parties. Speakers will also identify valuable on-line resources to help properly classify workers.
To register for a webcast on May 1, go to:
  • Session 1 
  • Session 2
May 2 – Pay Now? Pay Later? Can’t Pay? (Payment options)
This webcast will discuss IRS payment options. Learn about paperless options to pay business and payroll taxes, how to set up an installment agreement at IRS.gov and how to determine eligibility for an Offer in Compromise.
To register for a webcast on May 2, go to:
  • Session 1
  • Session 2
May 3 – Small Business Resources
Learn how to find information quickly using the IRS Small Business and Self-Employed Tax Center. Examples will include how to determine the need for an Employer Identification Number (EIN) and best resources specifically for small businesses on the Online Learning and Educational Resource.
To register for a webcast on May 3, go to:
  • Session 1
  • Session 2
May 4 – Paycheck Checkup
The Tax Cuts and Jobs Act of 2017 could affect how much tax someone should have their employer withhold from their paycheck. Speakers will discuss who should perform a Paycheck Checkup. Taking a few minutes now to make sure people have the right amount of tax taken out of their paychecks for their personal situation may prevent an unexpected surprise at tax time in early 2019.
To register for a webcast on May 4, go to:
  • Session 1
  • Session 2
Continuing education credit will not be offered for these webcasts. Please email questions about these webcasts to: SBSE.SL.Web.Conference.Team@irs.gov

"IRS Announces Small Business Week Webcasts." IRS Newswire. April 26, 2018. Retrieved from: ​https://.www.irs.gov/newsroom/irs-announces-2018-national-small-business-week-webcasts
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IRS Phone Scams - Beware of New Angles

4/25/2018

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Phone scammers are now trying new tactics in order to appear more legitimate.  Many scammers are now using computers to generate a phone number that appears to be linked to the IRS.  Anyone who questions whether the call is legitimate will be guided by them to the IRS.gov website where they are told to look up the number they called from in order to verify that they are calling from the IRS. 

Be careful, though.  The calls may appear to be coming from an IRS phone number, but they are not.  The IRS warns people to keep in mind the following information:
The IRS does not:
  • Demand that you use a specific payment method, such as a prepaid debit card, gift card or wire transfer. The IRS will not ask for your debit or credit card numbers over the phone. If you owe taxes, make payments to the United States Treasury or review IRS.gov/payments for IRS online options.
  • Demand that you pay taxes without the opportunity to question or appeal the amount they say you owe. Generally, the IRS will first mail you a bill if you owe any taxes. You should also be advised of your rights as a taxpayer.
  • Threaten to bring in local police, immigration officers or other law enforcement to have you arrested for not paying. The IRS also cannot revoke your driver’s license, business licenses, or immigration status. Threats like these are common tactics scam artists use to trick victims into buying into their schemes.
Taxpayers who receive the IRS phone scam or any IRS impersonation scam should report it to the Treasury Inspector General for Tax Administration at its IRS Impersonation Scam Reporting site and to the IRS by emailing phishing@irs.gov with the subject line “IRS Phone Scam.”
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"IRS, Security Summit Partners warn of new twist on phone scam; crooks direct taxpayers to IRS.gov to "verify" calls." IRS Newswire. April 24, 2018. Retrieved from: ​https://www.irs.gov/newsroom/irs-security-summit-partners-warn-of-new-twist-on-phone-scam-crooks-direct-taxpayers-to-irsgov-to-verify-calls.
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Deadline to File Personal Taxes or Extension

4/18/2018

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Today is the deadline to file IRS forms 1040 for personal income taxes, or an extension*.  The IRS extended the deadline to April 18th (instead of the 17th) due to system issues that arose on the 17th.  So, if you worried that you missed the initial deadline to file, don't worry - its not too late.  You have until midnight tonight, April 18, to submit your taxes without penalty.

*Please remember that filing an extension to file is not an extension to pay.  You must pay all estimated taxes owed by the filing deadline to avoid failure to pay penalties.
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    Amy Lee is an enrolled agent for Compass Tax Group, LLC.

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