Helpful Information From the IRS for Businesses
SBA Resources
The Boise SBA District Office provides multiple no-cost workshops covering Business Basics, the ABC's of SBA Loan Programs, Doing Business with the Federal Government and Social Networking & Web Marketing. Visit the SBA website for more information. The SBA has developed many small business loan and assistance programs as well as a network of resources and partnerships with other public and private organizations that offer special outreach efforts and initiatives to aid and inform small businesses. The SBA's programs and services assist in almost every aspect of starting a business - from developing a business plan to obtaining financing and marketing products. Two SBA District offices cover Idaho, one in Boise serving southern Idaho and one in Spokane serving north Idaho. More information can be found at www.sba.gov/id and www.sba.gov/wa or phone 208-334-9004, ext 336.
Let Us Get Small Businesses Started on the Right Track
The Idaho State Tax Commission has a new online resource to help new business start ups. “Starting Your Business on the Right Track” is a five-part, self-paced course covering tax permit requirements for Idaho businesses. Made up of five sections, each part takes about 10-30 minutes to review, with the total course easily completed in an hour and a half. To take the online “Right Track” course, go to the Tax Commission’s website, tax.idaho.gov, and visit the “E-learn” page under “Online Services.” The Boise Tax Commission office also offers an on-site “Right Track” class the second Tuesday of each month. For more information, and to register for the class, call 334-7660 in the Boise area or (800) 972-7660 toll free.
Service Corps of Retired Executives (SCORE): The SCORE program is an organization sponsored by the SBA to match volunteer business-management consultants with present and prospective small business owners in need of expert advice. The volunteers provide free and confidential one-to-one consulting and offer low-cost pre-business workshops. More information can be found at http://www.idahotvscore.org/counseling.php or phone 208-334-1696 ext 338.
Small Business Development Centers (SBDCs): The SBA provides funding for a network of Small Business Development Centers (SBDCs) throughout the country. There are eight Idaho SBDC locations and over 1,000 locations nationwide. The SBDCs provide no-cost business consulting, training, and research tailored to the local community and the needs of individual clients. The Idaho Small Business Development Center (Idaho SBDC) is a university-based organization offering a wealth of free and low-cost information designed to educate and support Idaho small business owners and managers, inventors, and potential entrepreneurs. More information can be found at http://www.idahosbdc.org/ or phone (208) 426-3875.
Idaho Department of Commerce: The Idaho Department of Commerce helps an existing business expand and encourages the start-up of new Idaho businesses. Specific programs include: Starting a Business Program; Idaho Business Network Program; Information Services; International Business Division; and Business Retention Development Program. More information can be found at http://commerce.idaho.gov/
Idaho Industrial Commission: The Industrial Commission is the agency responsible for regulating workers’ compensation activities in Idaho. Educational seminars and workshops are conducted. More information can be found at http://www.iic.idaho.gov/education/education.html or phone (208) 334-6031.
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 Advisory Council Issues 2011 Annual Report
http://www.irs.gov/newsroom/article/0,,id=249763,00.html
One of the Internal Revenue Service’s main advisory panels for tax administration today issued its 2011 annual report, covering a range of key issues affecting taxpayers.
The Internal Revenue Service Advisory Council (IRSAC) issued its report at a public meeting. IRSAC’s primary purpose is to provide an organized public forum for senior IRS executives and representatives of the public to discuss relevant tax administration issues. Based on its findings, IRSAC made several recommendations on a broad array of issues and concerns – see the article for the list, as well as the full report for further details.
Prepared Remarks of IRS Commissioner Douglas H. Shulman before Harvard Kennedy School, Cambridge, Massachusetts
http://www.irs.gov/newsroom/article/0,,id=249735,00.html
Commissioner Shulman discusses aspects of the tax code with Harvard's Kennedy School's public policy students.
Prepared Remarks of IRS Commissioner Doug Shulman at the AICPA Fall Meeting in Washington, D.C., on Nov. 8, 2011
http://www.irs.gov/newsroom/article/0,,id=249453,00.html
In prepared remarks to the AICPA Fall Meeting, Commissioner Shulman discusses some priority programs at the IRS including the Return Preparer Program, the evolving relationship with large corporate taxpayers, and work toward a real-time tax system.
FAQs on New Payment Card Reporting Requirements
http://www.irs.gov/newsroom/article/0,,id=249029,00.html
The Internal Revenue Service is providing special transitional relief to banks and other payment settlement entities required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K.
By law, reporting is scheduled to begin in early 2012 for payment card and third-party network transactions that occurred in 2011. Details on the special transitional relief and reporting requirements are in these FAQs, and more information on this relief is in Notice 2011-88 and Notice 2011-89.
IRPAC Issues Annual Report for 2011
http://www.irs.gov/newsroom/article/0,,id=248947,00.html
The Information Reporting Program Advisory Committee (IRPAC) today released its 2011 Report, which includes recommendations pertaining to merchant card and third-party payments, the Foreign Account Tax Compliance Act and other tax administration issues. IRPAC provides a public forum for the IRS and members of the information reporting community in the private sector to discuss relevant information reporting issues. The IRPAC is administered by the National Public Liaison Division of the IRS. IRPAC draws its members from the tax professional community.
2011 Information Reporting Program Advisory Committee Public Report -- http://www.irs.gov/taxpros/article/0,,id=248778,00.html
IRS Begins PTIN Renewals for 2012 Filing Season
http://www.irs.gov/newsroom/article/0,,id=248572,00.html
The IRS announced that the nation’s 738,000 tax return preparers who have Preparer Tax Identification Numbers (PTINs) can now renew their PTINs for the 2012 filing season. Preparers are required to renew their PTINs on an annual basis and need to do so before the next year begins. For example, a preparer’s PTIN for 2012 must be renewed by Dec. 31, 2011.
In 2012, Many Tax Benefits Increase Due to Inflation Adjustments
http://www.irs.gov/newsroom/article/0,,id=248485,00.html
Personal exemptions, standard deductions and other tax items go up in 2012 for tax returns people will file in 2013.
For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today.
By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts affecting 2012 returns, filed by most taxpayers in early 2013, include the following:
Details on these inflation adjustments can be found in Revenue Procedure 2011-52,
Foreign Agricultural Workers
http://www.irs.gov/businesses/small/international/article/0,,id=96422,00.html
New reporting requirements for foreign agricultural workers temporarily admitted into the United States on H-2A visas take affect in 2011.
SSA/IRS Reporter
http://www.irs.gov/businesses/small/article/0,,id=109886,00.html
The latest issue of the SSA/IRS Reporter includes articles on:
- Simplified employee pension plan for partnerships
- E-file for employment taxes
- Preparing for “split” reporting on 2011 Form 940
Protect Your Personal Information: The IRS Does Not Initiate Taxpayer Communications through Email
http://www.irs.gov/privacy/article/0,,id=179820,00.html
Phishing is a scam typically carried out by unsolicited email and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information.
A reminder as we approach the tax filing season … the IRS does not initiate email communication with taxpayers regarding EFTPS or tax account matters.
The IRS does not ...
... request detailed personal information through email.
... send any communication requesting your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts.
All unsolicited email claiming to be from either the IRS or any other IRS-related components such as the Office of Professional Responsibility or EFTPS, should be reported to phishing@irs.gov. However, if you have experienced monetary losses due to an IRS-related incident please file a complaint with the Federal Trade Commission through their Complaint Assistant to make that information available to investigators.
See the page for instructions on what to do if you receive a suspicious IRS-related communication.
The IRS Asks for Volunteers
The IRS is looking for volunteers to help prepare tax returns for low income and elderly taxpayers in this new YouTube video.
Recent Articles from e-News for Small Businesses
Tax centers make finding information easy
IRS.gov tax centers offer industry specific information in one location.
Your rights as a taxpayer
The Taxpayer Rights Corner is a one-stop resource for taxpayer rights information.
IRS Explains Flexible Spending Arrangements for 2012
This new YouTube video describes a change in the law that affects flexible spending arrangements for next year.
Watch this and other videos on the IRS YouTube Channel.
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NEW!
Now Available on the IRS Video Portal: Reporting of Employer Provided Healthcare Coverage on Form W-2
http://www.irsvideos.gov/ReportingEmployerHealthcareCoverage/
About 1 hour long. This webinar was originally broadcast Oct 31, and explains the Affordable Care Act provision that requires some employers to report health care coverage on Form W-2.
Related links:
IR-2011-31, IRS Issues Interim Guidance on Informational Reporting of Employer-Sponsored Health Coverage
Employer-Provided Health Coverage Informational Reporting Requirements: Frequently Asked Questions |
