Power Up Your Business: Internal Revenue Service
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Power Up Your Business is a Workshop created by Lady Bizness to expose business onwers and entrepreneurs to the experts in the state that provide up to date information to help your business be more successful. You're in business, now what? You need resources to help your business grow. You want to make sure you cross all the T's and dot all the I's. You need help with taxes, formation, mentoring and marketing? Let us help you "Power Up Your Business". Registration & Networking from 5:30 - 6pm You will hear from the following organizations: IRS: Federal Tax Law Compliance Tips | IRS.gov Resources | Business ID Theft | Employment Tax Issues BLNC: Registering Your Business | Getting the Correct Licenses and Permits | Registering with Tax Organization | Learning about Compliance Issues for Your Specific Business NCDOR: The basics of NC tax law compliance | Registering your Business | Employee Withholding | Sales and Use Tax Requirements | Programs for Businesses that have fallen behind
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Power Up Your Business: Internal Revenue Service
- 1. 1 Tax Tips for Entrepreneurs Starting and Operating a Business
- 2. 2 Agenda Starting a Business Operating a Business IRS Small Business Resources
- 3. 3 Starting a Business Starting a Business
- 5. 5 Selecting a Business Structure Business Structures
- 9. Worker Classification Employee or Contractor? You must first know the business relationship that exists between you and the person performing the services Factors to include: Behavioral control Financial control Relationship of the parties 9
- 10. Next Steps: Independent Contractor • Contractor completes Form W-9 –Social Security Number or Employer Identification Number required • File Form 1099-MISC if $600 or more paid for services during year –See instructions for exceptions
- 11. Next Steps: Employees • Employee completes Forms I-9 & W-4 • Employer –Withholds income tax, FICA –Completes Form W-2 at year end –Files Form W-2 with Social Security Administration –Visit SSA.gov/employer for free online Form W-2 filing & SSN verification service
- 12. Next Steps - Employer • Responsible for depositing federal income tax withheld, FICA and FUTA taxes • Deposit taxes using EFTPS • Report wages, taxes by filing returns: –Form 941 or Form 944 for income tax, FICA –Form 940 for FUTA
- 13. 13 Pay Estimated Tax Payments • Estimated tax is the method used to pay taxes on income that is not subject to withholding • Estimated tax is used to pay your income tax and self-employment tax on a quarterly basis • The 15th day of April, June, September, and January
- 14. 14 File and Pay Taxes Electronically EFTPS is: • Secure • Fast • Accurate • Convenient (available 24/7) • Easy to use (Internet or phone) • Helps reduce penalties • www.eftps.gov
- 16. 16 Keep Business Expenses Separate! • Avoid claiming personal expenses as business expenses – always keep these separate • Three top expenses reviewed by IRS –Home office deduction –Auto expenses –Travel and entertainment expenses
- 17. 17 Protect Financial and Tax Records • Planning what to do in case of a disaster is an important part of being prepared • The Internal Revenue Service encourages taxpayers to safeguard their records
- 18. Tips for Selecting a Return Preparer • Check to be sure the preparer has a PTIN • Does the preparer have a professional credential (CPA, EA, Accountant etc.) • Check on the service fees upfront • Make sure the preparer will be available • Always make sure any refund due is sent to you or deposited into your bank account. • Make sure your preparer offers IRS e-file & ask that your return be submitted to the IRS electronically. 18
- 19. 19
- 20. 20 Avoid Abusive Tax Scams Common tax scams: (“Dirty Dozen”) 1. Phone Scams 2. Phishing 3. Identity Theft 4. Return preparer fraud 5. Offshore Tax Avoidance 6. Inflated Refund Claims 7. Fake Charities …
- 21. Business Identity Theft WARNING SIGNS: • IRS notices about fictitious employees • IRS notices about a defunct, closed or dormant business • IRS accepts your tax return as an amended return 21
- 22. • Respond immediately to any IRS notice • Review account statements • Review business registration information online • Monitor credit reports for suspicious activity • Close any accounts tampered with or opened • File a complaint with FTC • Visit www.irs.gov Steps for Business Victims of Identity Theft 22
- 23. Home Office Deduction • Exclusive use –Used only for trade or business –Room or other identifiable space –Exception: Inventory and daycare • Regularly used for business • Principal place of your business - exclusively and regularly for administrative or management activities • Regular Method or Simplified Option 23
- 24. 24 Small Business/Self-Employed Tax Center at irs.gov
- 25. 25 E-News for Small Businesses
- 26. 26 IRS New Media Resources
- 27. 27 irsvideos.gov
- 28. 28 Small Business Taxes Virtual Workshop at irsvideos.gov
- 29. 29 IRS Tax Help Business and Specialty Taxes - 800-829-4933 E-help - 866-255-0654 Information Return Reporting - 866-455-7438 Report Tax Schemes - 866-775-7474 National Taxpayer Advocate - 877-777-4778 www.irs.gov Order tax forms & publications – 800-829-3676
Editor's Notes
- PRESENTER NAME: Hello and Thank you for joining us today, my name is (Name); I am a (fill in title) with the Small Business/Self-Employed Division within the IRS. Our goal is to provide information and resources to small businesses to assist them in voluntarily meeting their federal tax obligations. We also work with tax professionals who prepare taxes for small businesses and individuals. We hope you will find this presentation both helpful and informative.
- Responsibilities of an Entrepreneur or SBO can be numerous and maintaining Federal and state tax responsibilities can often be the factors that determine the success or failure of the business. We realize this and have compiled an excellent suite of resources to assist you in starting and operating your small business. Our current slide is showing you a page from our primary resource ….. Our website at www.irs.gov. Here you see the page that results from your search of Tax Information from Businesses either by input of this term or selection from the dropdown menu at “Information For” in upper right corner of the homepage. NOTE: Business Topics on right and SBSE Tax Center.
- This page from irs.gov shows the topics that are covered in regards to starting a business. READ SLIDE in RED and also NOTE Industries/Professions Web Page. We also have tax centers related to specific industries and also ATG’s for specific industries. All of this information is available on irs.go. Of the topics listed here I will briefing review. Business or Hobby? Selecting a Business Structure Employer Identification Number Understanding Business Taxes Recordkeeping Requirements
- HOBBY OR BUSINESS Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit. In order to make this determination, you should consider factors such as: Does the time and effort put into the activity indicate an intention to make a profit? Do you depend on income from the activity? If there are losses, are they due to circumstances beyond your control or did they occur in the start-up phase of the business? Have you changed methods of operation to improve profitability? Do you or your advisors have the knowledge needed to carry on the activity as a successful business? Has the taxpayer made a profit in similar activities in the past? Does the activity make a profit in some years? The IRS presumes that an activity is carried on for profit if it makes a profit during at least three of the last five tax years, including the current year — at least two of the last seven years for activities that consist primarily of breeding, showing, training or racing horses. If the activity is determined to be a hobby net losses from the activity will not be deductible.
- One of the first decisions to be made by a new business owner is the form of business entity to establish. Our website provides a definition and specific facts about each entity type but we can not advise or suggest the best entity for the business owner. SBA, attorneys and/or tax professionals are a great resources to seek for assistance in making the best decision for your business. See SBA arrow. The 3 major types of entities are: SOLE PROPRIETORSHIP A sole proprietor is someone who owns an unincorporated business by himself or herself. PARTNERSHIP A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. C CORPORATION For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders. Scorps and LLC’s are also common business structures and info on both can also be found at irs.gov.
- An Employer Identification Number is also known as a Federal Tax Identification Number. It is used to identify a business entity. Generally, most businesses need an EIN. A sole proprietor with no employees is generally the only entity that may not be required to get an EIN. They would use SSN. You may apply for an EIN in various ways: The online “internet EIN is the preferred method. After validation during the online process the EIN is provided immediately. You can also apply by fax or mail after completing form SS4. International applicants can apply by phone. This screen shows the information obtainable by searching EIN or Employer ID Number on irs.gov
- Income Tax All businesses except partnerships must file an annual income tax return. The specific form used depends on how the business is organized. Partnerships file an information return. Income tax is then paid by the individual partners on their personal tax returns. Estimated tax Pay as go. Sole Prop./Partners must generally pay taxes on income & self-employment tax (SS for Self Employed), by making regular estimated tax payments during the year. Corps must also make ES tax payments to pay their income tax during the year. Self-Employment Tax Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Employment Taxes When you have employees, you as the employer have certain employment tax responsibilities that you must pay and forms you must file. Employment taxes include the following: Social security and Medicare taxes, Federal income tax withholding, Federal unemployment (FUTA) tax Excise Tax Excise taxes may be required to be paid by your business if you Manufacture or sell certain products. Operate certain kinds of businesses. Use various kinds of equipment, facilities, or products. And/or Receive payment for certain services. Forms 720 & 2290 cover most of excise taxes. Info on each type of tax can be obtained by searching business taxes on irs.gov.
- Info on Operating a Business can be obtain by searching the term or selecting Operating a business in dropdown menu in upper right corner our home page on irs.gov. You can see on this slide some of the info and resources provided under this topic – review slide I’m going to share now some of the primary issues to consider as you operate a business.
- If you need to hire others to help you in your business it is critical that you correctly determine whether the individuals providing services are employees or independent contractors. If employees, you must withhold and pay the taxes previously mentioned. It is important to properly classify the workers from the beginning. If you treat the workers as independent contractors and later it is determined that they should have been treated as employees, it can be costly to you, meaning additional taxes, penalties, and interest. Factors to consider are categorized under Behavior,Finance Relationship. All factors must be considered and if you can’t make the determination IRS will do that for you or the worker with the filing of form SS8. Refer to pamplet and irs.gov
- Once a determination is made (whether by the business or by the IRS), the next step is filing the appropriate forms and paying the associated taxes. In many cases, the tax law requires payers, such as small businesses or sole proprietors, to report to the IRS payments they have made to subcontractors, attorneys, architects and other service providers. Form 1099-MISC is the Form most commonly used by payers to report payments made in the course of a trade or business to others for services. If you’ve made the determination that the person you’re paying is an independent contractor, the first step is to have the contractor complete Form W-9, Request for Taxpayer Identification Number and Certification. This form can be used to request the correct name and Taxpayer Identification Number, or TIN, of the worker. A TIN may be either a Social Security Number (SSN), or an Employer Identification Number (EIN). While SSNs take the format of 3-2-4 digits, EINs are 2 digits, then a dash, then 7 more digits. The W-9 should be kept in your files for four years for future reference in case of any questions from the worker or the IRS. If your worker is an independent contractor to whom you paid $600 or more for services provided during the year, a Form 1099-MISC needs to be completed, and a copy of 1099-MISC must be provided to the worker by January 31st of the year following payment. You must also send a copy of this form to the IRS by February 28th (although the form does not have to be sent to the IRS until March 31st if the business files the 1099s electronically, using the FIRE system - more on that in a moment.) Also note that independent contractors may have their own employees or may hire other independent contractors (subcontractors). In either case, they should be aware of their tax responsibilities, including filing and reporting requirements, for these workers. There are certain situations where a 1099 is not required. Mention corporations exception here. These exceptions are listed in the 1099 Instructions. Speaker note – ITIN references: Form W-9 Instructions. Also see Publication 519, U.S. Tax Guide for Aliens, which discusses non-resident aliens and their tax obligations.
- Now let’s look at what the business needs to do for an employee. If you determine the worker is an employee, verify that he or she is legally eligible to work in the U.S. by completing Form I-9. Employers can obtain Form I-9 from U.S. Citizenship and Immigration Services at (800) 870-3676 or online at www.uscis.gov Also have the employee fill out Form W-4, Employee’s Withholding Allowance Certificate. The employer needs a Form W-4 from each employee to determine how much income tax to withhold based on marital status and number of withholding allowances claimed. Employees can get help figuring out how many withholding exemptions to claim by using the withholding calculator at www.IRS.gov - Keep the W-4 in your records. The employer is responsible for withholding income tax, Social Security and Medicare taxes. Social Security and Medicare taxes are also known as FICA taxes. FICA stands for Federal Insurance Contributions Act. Normally, for the FICA taxes, half is withheld from the employee’s pay, and half is paid by the employer. The tax rate is 7.65% ( 6.2% for social security and 1.45% for Medicare) for each half, for a total of 15.3% of the employee’s wages. There is an annual wage limit for the Social Security tax, above which the tax stops). There is no limit for the Medicare tax. The income tax withholding and FICA taxes are reported either quarterly on Form 941, or annually on Form 944, depending on the size of the payroll. The employer is also responsible for calculating and paying Federal Unemployment Tax, or FUTA. This tax is reported on Form 940. We’ll talk more about some of the payroll tax returns a bit later. At the end of the year, the employer completes Form W-2, Wage and Tax Statement. A copy of this form must be given to the employee by Jan 31st after the end of the year. You must also send a copy of the W-2 to the Social Security Administration (SSA) by February 28th (after the end of the year) unless you file it electronically -- then it’s due on March 31st. Employers can prepare and file their W-2s online, for free, at SSA’s web site. They can prepare and transmit up to 20 W-2s at a time. There is no software to buy, and employers can print out all the necessary copies of the W-2 (employee copy, state copy, etc). As with all electronic filing, returns prepared and filed electronically are more accurate than paper returns. You can find out more, and register to file W-2s online, at SSA’s website. The link will be provided in the handout. Employee’s SSNs can also be verified before the W-2s are filed by using SSA’s Verification Service. IRS has a similar service, called TIN Matching, which can be used to verify the SSN or EIN provided by an independent contractor prior to completing the 1099-MISC. Links for both these services will be in your handout.
- If payroll is low, taxes may not need to be deposited ahead of time – they can be paid when the payroll tax return is filed. If payroll is above certain thresholds (see Circular E, Publication 15), taxes must be deposited quarterly, monthly or semi-weekly, depending on the type of tax and the amount of the payroll. Very large employers more than $100,000 on any one day) must make a deposit the next banking day after the payroll is paid. Use EFTPS for deposits If handling of payroll is outsourced to payroll service provider or other 3rd party please keep in mind The employer is ultimately responsible for the deposit and payment of federal tax liabilities. Their failure is penalities for you. They should use EFTPS. Thresholds for making deposits: For Form 941: if $2,500 or more of tax is due in a quarter For Form 940: if more than $500 in tax due per quarter
- In addition to timely depositing trust fund employment taxes, you may also have to make quarterly estimated tax payments. Sole proprietor and partners in a ptrship may have to make personal ET payments while Corps make corp ET Payment. Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. For the sole proprietor or partner in partnership Estimated tax is used to pay income tax and self-employment tax. Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. This tax is withheld from the pay of most wage earners. You figure SE tax yourself using Schedule SE, Self-Employment Tax, which is filed with your Form 1040. You may pay all of your estimated tax by April 15 or in four installments. For estimated tax purposes, the year is divided into four quarters. Each period has a specific payment due date which is the 15th day of apr, june, sept and Jan. Please refer to IRS Pub 505 and Form 1040ES
- I mentioned the The Electronic Federal Tax Payment System (or EFTPS) when I talked about trust fund taxes earlier. Most all business returns can now be filed electronically and all payments can made electronically using EFTPS. EFTPS is a tax payment system provided free by the U.S. Department of Treasury. EFTPS, is a secure government web site at www.eftps.gov . You can use EFTPS to make all your federal tax payments, including income, employment, estimated and excise taxes. Using this method eliminates most errors made in making federal tax deposits, reducing costly penalties and interest associated with many errors. This system uses the highest level of security available with every user needing a secure Internet browser with 128-bit encryption in order to access the site. EFTPS offers you the convenience and flexibility of making your tax payments via the Internet or phone. You receive an immediate acknowledgement of your payment once the payment is made and your bank statement will confirm that the payment was made. You can initiate your tax payment 24 hours a day, seven days a week quickly and conveniently from your office or some other location. There are no fees for using EFTPS. As an added convenience, EFTPS allows taxpayers to schedule tax payments in advance, helping you avoid penalties and interest that you could incur if you make payments after their due dates. Businesses can schedule payments up to 120 days in advance of their tax due dates. Individuals can schedule payments up to 365 days in advance of their tax due dates. Scheduled payments can be changed or cancelled up to 2 business days in advance of the scheduled payment date. And again you can enroll at eftps.gov
- Two of the major pitfalls for Small Businesses are poor recordkeeping and a failure to recognize all items that constitute gross receipts, otherwise known as taxable business income. RECORDKEEPING IS A REQUIREMENT! Internal Revenue Code Section 6001 identifies the requirement of taxpayers to keep records. And states that the books or records, including inventories, should be sufficient to establish the amount of gross income, deductions, credits, or other matters required to be shown on a tax or information return. You must keep your business records available at all times for inspection by the IRS. If the IRS examines any of your tax returns, you may be asked to explain the items reported. A complete set of good records will speed up this examination and help you make accurate explanations for items in question. The IRS does not require a specific type of recordkeeping and electronic records are generally suggested and accepted. Several software options available. Address income and recordkeeping for : - Bartering and tips
- Another potential pitfall for tax trouble – claiming personal expenses as business expenses. If you keep your business and personal records separate, you will go a long way to avoid this common mistake. There are many examples where this can be a problem but the top three expenses that are looked at very carefully by IRS. Home Office Deduction We will discuss this deduction a little more in a moment. Frequent Business Vehicle Use Vehicle used for business and personal you must make sure you have a detailed log with the date, destination and mileage for each trip – and that you don't include stop-offs for coffee or dry cleaning. Business "Entertainment" If you're self-employed, it's tempting to claim lots of meals and travel on the Schedule C you file with your tax return. If you're claiming business-related trips and entertainment, it's crucial to keep detailed records and receipts of who was there and event specifics. The expense must reflect a business need and purpose.
- Something most don’t know is that the IRS has a major Disaster Assistance Program. One of my responsibilities and we are currently waiting on FEMA to set up recovery centers in SC so that we can go out to assist taxpayers with filing loss claims and reconstructing records. Planning what to do in case of a disaster is an important part of safeguarding your records so that in the event of a disaster you will be able to continue your business operations as quickly as possible. First, take advantage of paperless recordkeeping for financial and tax records. Electronic filing and payment of your taxes will assist you in this process. Electronic payment of your taxes can be made thru our ElecFedTaxPaySystem. You can register for this system on the EFTPS website accessible on irs.gov. Be sure you back up your electronic files and store them in a safe and separate location. You can periodically copy them onto a ‘key’ or ‘jump drive’ and send it to a relative in another city for safe-keeping in case your normal computer backup systems are destroyed. Also, many retail stores sell computer software packages that you can use for recordkeeping. Another action to take is to always document valuables and business equipment. One option is to photograph or videotape the contents of your home and business, especially items of greater value. You should store the photos with a friend or family member who lives away from the geographic area at risk. The IRS has disaster loss workbooks for individuals (Publication 584 (PDF)) and businesses (Publication 584-B (PDF)) that can help you compile a room-by-room list of your belongings or business equipment. This will help you recall and prove the market value of items for insurance and casualty loss claims if needed. How quickly your company can get back to business after a disaster often depends on emergency planning done today.
- We do suggest that if you are not in the business of doing taxes and your resources allow that you hire a tax professional to handle some or all of your Federal and state tax filing, payment and recordkeeping responsibilities. But it is very important to note that you the taxpayer are legally liable for the taxes and legally responsible for what is reported on your returns. So it is extremely important that if you hire a tax professional that you use the following tips to assist in selecting wisely. READ SLIDE. Paid preparer must have a ptin. Better Business Bureau, and state agency and state attorney general’s office for state certified preparers. Next slide on Directory.
- IRS.gov provides a great deal of information to help you in the process of selecting a tax professional. And now we also have a Directory of Federal Tax Return Preparers with Credentiaons and Select Qualifications on irs.gov to assist you in making your selection. The listing provides the name, city, state and zip code of attorneys, CPAs, enrolled agents and those who have completed the requirements for the voluntary IRS Annual Filing Season Program. All preparers listed also have valid Preparer Tax Identification Numbers (PTIN).
- Protect your personal info. IRS will not call or email unless relationship established with auditor or collection agent. Promoter schemes and scams .. If To good to be true it probably is . Report scams to irs. Find info on irs.gov .imitators with similar site names exist. On irs website. The Dirty Dozen listing is compiled by the IRS each year. It lists a variety of common scams taxpayers can encounter at any point during the year. However, many of these schemes peak during filing season as people prepare their tax returns. There is also a special section on IRS.gov highlighting these 12 schemes. Search Dirty Dozen on irs.gov Top 7 here, review 1-3, again info on all 12 available on web. Illegal scams can lead to significant penalties and interest for taxpayers, as well as possible criminal prosecution. Taxpayers should remember that they are legally responsible for what is on their tax returns even if it is prepared by someone else. 8-12: Hiding income with fake documents; Abusive Tax Structures; Falsifying income to claim credits; Excessive Claims for Fuel Tax Credits and Frivolous tax arguments.
- When we talk about identity theft, much of the time we are talking about individuals. Especially, when it comes to tax-related identity theft and the filing of fraudulent tax returns, the discussion has focused on individual taxpayers. But, businesses also have their identities stolen. Additionally, businesses can be targets and victims of cybercriminals seeking employee or client personal data. EIN stolen like SSN. the EIN historically lacks the same privacy protections afforded the SSN Business identity theft happens when someone creates, uses or attempts to use the identifying information of a business, without authority, to obtain tax benefits. Business identity thieves file fraudulent business returns to receive refundable business credits or to perpetuate individual identity theft. Business identity theft is more complex than individual identity theft. Many of the same indicators that signify simple filing or processing errors also hint at business identity theft. Here are some of the warning signs: You receive IRS notices about fictitious employees. These are employees you’ve never heard of and who are not on your payroll. IRS notices regarding a defunct, closed or dormant business after all account balances have been paid. Your filed tax return is accepted as an amended return, but you hadn’t filed a return for that year. You or your tax preparer may have to do a little extra leg work to determine if there is merely an error or if something more suspicious is involved. common scheme, thieves steal a company’s EIN to create false Forms and they use this information to support refund scheme activities.
- It’s also important for you to know whether your identity theft is related to tax administration or not. Identity theft not related to tax administration should be reported to the Federal Trade Commission, the lead federal agency for identity theft in general. You can also find additional information at FTC’s website, www.identitytheft.gov. If you are a victim of tax-related identity theft you or your preparers may take these steps: READ SLIDE
- READ SLIDE info … The home office deduction is available for homeowners and renters, and applies to all types of homes. then The standard method has some calculation, allocation, and substantiation requirements that are complex and burdensome for small business owners. This new simplified (For taxable years starting on, or after, January 1, 2013) option can significantly reduce recordkeeping burden by allowing a qualified taxpayer to multiply a prescribed rate by the allowable square footage of the office in lieu of determining actual expenses. In most cases, you will figure your deduction by multiplying $5, the prescribed rate, by the area of your home used for a qualified business use. The area you use to figure your deduction is limited to 300 square feet. Ref. Pub. 587 and form 8829.
- Avoid tax trouble overall by being informed and making use of these additional online resources: The Small Business/Self-Employed Tax Center on irs.gov is a one-stop taxpayer resource. REVIEW SLIDE INFO and Mention Industry Tax Centers – i.e. Agriculture, Child Care, Construction, Real Estate, Trucking, Businesses where tipping is customary. ATG’s … help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries. While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who prepare returns. ATGs explain industry-specific examination techniques and include common, as well as, unique industry issues, business practices and terminology. Guidance is also provided on the examination of income, interview techniques and evaluation of evidence. So they may be helpful for business and tax planning purposes. Short video on irs.gov with more info
- IRS offers 30 electronic news subscriptions delivering federal tax news and information directly to your email inbox. Search Subscriptions E-News for Small Businesses provides: Important upcoming tax dates for SB/SE customers What's new for small businesses on the IRS Web site Reminders and tips to assist small businesses/self-employed with tax compliance IRS News Releases and special IRS announcements that pertain to SB/SE customers Tax-related information from other federal agencies
- Source for slide and notes material: http://www.irs.gov/uac/IRS-New-Media-1 The IRS uses social media tools to share the latest information on tax changes, initiatives, products and services. Connect with the IRS through the following social media tools. IRS2Go If you have an Apple iPhone or iTouch, you can download the free IRS2Go app by visiting the iTunes app store. If you have an Android device, you can visit the Google Play Store to download the free IRS2Go app. YouTube Tune in to the IRS YouTube channels. You can watch short, informative videos in English, American Sign Language and other languages. Twitter IRS tweets include various tax-related announcements, news for tax professionals and hiring initiatives. Tumblr The IRS Tumblr blog provides current tax information. Facebook The IRS Return Preparer Facebook page posts useful information for tax professionals. Audio files for Podcasts Subscribe to IRS Podcasts on iTunes or download them from the Multimedia Center.
- The IRS Video portal contains video and audio presentations on topics of interest to small businesses, individuals and tax professionals. You will find video clips of tax topics, archived versions of live panel discussions and webinars, as well as audio archives of tax practitioner phone forums. gov
- Before we finish and go into our question and answer session, I’ll make one last plug for a very special product where you can get help understanding and fulfilling your federal tax obligations – virtually. And that is our online Business Taxes: A Virtual Workshop. This product can be accessed 24/7/365 days a year and includes lessons on: Federal taxes and your new business Schedule C and other small business taxes and tax forms Retirement plans for yourself and your employees Federal taxes when hiring employees or contractors Managing payroll and withholding the correct amount from employees And more… If you have not taken a look at his helpful resource yet, please do.
- Refer to slide