e-News for Small Business Issue 2019-18

e-News for Small Business Issue 2019-18

 

e-News for Small Business October 18, 2019
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	e-News for Small Business Issue  2019-18 Inside this Issue: EFPTS helps employers keep an eye on tax responsibilities Employers: Take advantage of the work opportunity tax credit Tax treatment for family members working in the family business 1.  EFPTS helps employers keep an eye on tax responsibilities The Electronic Federal Tax Payment System has features that can help small business employers meet their tax obligations. Treasury regulations require employment tax deposits be made electronically. Whether employers prepare and submit payroll taxes themselves or hire a payroll service provider, payments should be made using EFTPS.    This system is secure, accurate, easy to use and provides immediate confirmation of each transaction. Anyone can use EFTPS. The service is free of charge and allows employers to make and verify federal tax payments electronically 24 hours a day, seven days a week online or by phone. Employers who use a payroll service provider can verify that payments are made by using EFTPS online. Visit the EFTPS webpage to learn more. Employers can enroll at EFTPS.gov, or by calling the EFTPS Customer Service at 800-555-4477 for an enrollment form. The IRS recommends that employers do not change their address of record to that of their payroll service provider because it may limit the their ability to be informed about tax matters concerning their business. For more information see the full news release on IRS.gov Back to top 2.  Employers: Take advantage of the work opportunity tax credit The work opportunity tax credit is a credit available to employers for hiring individuals from certain groups who have consistently faced barriers to employment. WOTC joins other workforce programs that promote workplace diversity and facilitate access to jobs for all individuals. Qualified tax-exempt organizations can claim the credit on Form 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans. Back to top 3.  Tax treatment for family members working in the family business As part of October's National Work and Family month, the IRS is providing tax information regarding work/home life balance and the unique tax circumstances that can arise when the two overlap. For example, when including family members in business operations, certain tax treatments and employment tax rules apply. • Both spouses carrying on the trade or business: If spouses carry on a business together and share in the profits and losses, they may be partners even if they don't have a formal partnership agreement. • Qualified joint venture. Spouses may elect treatment as a qualified joint venture instead of a partnership. • Employment taxes. If the business has employees, either of the spouses as sole proprietors may report and pay the employment taxes. • One spouse employed by another. The wages for the services of an individual who works for their spouse are subject to income tax withholding and Social Security and Medicare taxes but not to the Federal Unemployment Tax Act. • Child employed by parents. Payments for the services of a child under age 18 aren't subject to Social Security and Medicare taxes, if the business is a sole proprietorship or a partnership in which each partner is a parent of the child. • Parent employed by child. The wages for the services of a parent employed by their child are subject to income tax withholding and Social Security and Medicare taxes. More information: • Election for Married Couples Unincorporated Businesses • Publication 334, Tax Guide for Small Business • Publication 15, Circular E, Employer Tax Guide • Publication 51, Circular A, Agricultural Employer's Tax Guide • Publication 541, Partnerships Back to top         Thank you for subscribing to this IRS email service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

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