IRS NEWS FOR TAX PROFESSIONALS - DOC

Document Sample
IRS NEWS FOR TAX PROFESSIONALS - DOC Powered By Docstoc
					                                   IRS NEWS FOR BUSINESS
                                          July 2012


▪ The IRS reminds those that have requested an installment agreement that the IRS is still
mandated by law to notify them with a first notice of the full amount due (CP 014), even if the
installment agreement is accepted and in place.

▪ SCAM ALERT. Scam e-mails are targeting military members, retirees and civilian employees,
purportedly coming from the Defense Finance and Accounting Services. The emails indicate that
individuals who are receiving disability compensation from the VA may be able to obtain
additional funds from the IRS. These emails are not issued by DFAS. Do not send your personal
information or copies of your tax returns to the individual listed in the email.

▪ For reporting on Form 1099-K, use the date of the reportable payment transaction. For payment
card transactions, use the date the merchant accepted the payment card. For third-party network
transactions, use the date the merchant accepted payment through a third-party payment
network. For more information about Forms 1099-K and other payment card issues, visit the Third
Party Reporting Information Center.

▪ Recent Tax Tips include 12-11 on a credit for hiring Vets.

▪IR 12-56, For Small Business Week, the IRS spotlights expanded tax credit for hiring veterans,
credit for providing health care coverage to employees and tax relief.

▪ IR 12-60 Individuals and businesses are encouraged to safeguard themselves against natural
disasters by taking a few simple steps.

▪ Notice 12-38 soliciting public comments andprovides guidance on the use of smartcards, debit
or credit cards, or other electronic media to provide qualified transportation fringes.

▪ Notice 12-40 provides guidance on the effective date of the $2,500 limit on salary reduction
contributions to health flexible spending arrangements (health FSAs).

▪ New revisions are available for the following items:

       Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities
       Pub. 1779, Independent Contractor or Employee Brochure (Rev. March 2012)
       Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund
        (Rev. April 2012) Inst. 941-X,

▪ If you're associated with a church or religious organization, you should consider registering for a
webinar, on July 25 that will cover many church organization related topics.

▪ Montana will hold a Compete Smart statewide manufacturing workshop in Missoula in October.

▪ This is a handy tool to estimate retirement savings. The Ballpark E$timate (ChooseToSave.org)

▪ The Small Business Administration has specialized resources for veterans to help start, grow or
re-establish a business.

▪ View the winning entries in the SBA's contest for small businesses to make short video clips.




                                          JULY 2012                                                 1
▪ Get the Small Business Help You Need, For Free! Have a great idea for a new business, but
don’t know where to get started? USA.gov’s small business section has the information you
need:

      The Small Business Administration (SBA) can help you with management, technical, and
       training issues, or help you find your loan and funding options from multiple government
       organizations. The SBA app helps you find local advisers who can give you free one-on-
       one help for growing your business. Use the calculator to figure out costs of starting a
       new business, and catch up on all the news through SBA’s social media channels.
      Visit the newly created Business.USA.gov to find the small business tools available to
       you from across the government. Partner agencies such as the Department of
       Commerce and the Department of Labor share all their business resources in one spot,
       plus you can find out about state and local business outreach and development events.
      If you’re looking for information on specific business related topics, Publications.USA.gov
       features important information on patents and copyrights, current business scams,
       workplace health and safety and much more.
      The Consumer Action Handbook is a great resource to have on hand when you need to
       look up local, state and federal agencies for your business questions. You can also find
       trade associations and hot consumer topics like insurance questions, employment
       options, scams and more.
      The Government's Financial Literacy Site, mymoney.gov, has a section under 'life
       events" tab on "Starting/Buying a Business"

▪ USDA Economic Research has Per capita Federal funding data can be found in the Federal
Funds data product




                                        JULY 2012                                                2

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:4
posted:9/14/2012
language:English
pages:2