e-News for Small Business Issue 2020-4

 

e-News for Small Business March 6, 2020
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 2020-4 Inside This Issue IRS updates guidance on business expense deductions for meals and entertainment The IRS is reaching out to nonfilers this tax season Payment options for business owners and the self-employed when taxes are due Employers: Should you file Form 944 or 941? IRS: Avoid tax schemes. Report abusive tax promotions and/or preparers IRS webinar on gig economy now on IRS Video Portal 1.  IRS updates guidance on business expense deductions for meals and entertainment The IRS recently issued proposed regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA).     The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. It also limited the deduction for expenses related to food and beverages provided by employers to their employees. Back to top 2.  The IRS is reaching out to nonfilers this tax season To bring individuals, including self-employed individuals and small business owners, with unfiled tax returns into compliance, the IRS is increasing its contact in the community to educate and assist taxpayers meet their tax responsibilities.   Find more information at IRS increasing focus on taxpayers who have not filed tax returns. Back to top 3.  Payment options for business owners and the self-employed when taxes are due If you need to make a tax payment or owe and can't pay, the IRS offers several options. Refer to the Tax Time Guide, designed to help taxpayers file an accurate tax return, or the recent IRS news release: Tax Time Guide: Payment options available for those who owe. Back to top 4.  Employers: Should you file Form 944 or 941? If you're currently required to file Form 944, Employer's Annual Federal Tax Return, but estimate your tax liability to be more than $1,000, you may be eligible to update your filing requirement to Form 941, Employer's Quarterly Federal Tax Return. If you're an employer required to file a Form 941 but estimate your tax liability will be $1,000 or less for the tax year, you may be eligible to switch to Form 944. To request a change, send a written request, postmarked by March 15 or call the IRS at 1-800-829-0115 by April 1. The agency will send a written notice if it changes your filing requirement. For more information visit IRS.gov. Back to top 5.  IRS: Avoid tax schemes. Report abusive tax promotions and/or preparers The IRS would like your help in identifying promoters of "too good to be true" abusive tax scams and unscrupulous tax preparers using illegal scams to avoid paying taxes. Small business owners should be careful not to be misled by promoters of tax scams. Use the Report Suspected Abusive Tax Promotions or Preparers form to make a referral to the IRS. Learn more at www.irs.gov/scams. Back to top 6.  IRS webinar on gig economy now on IRS Video Portal The following IRS webinar is now archived and available for viewing in the IRS Video Portal: Topic:    Understanding the Gig Economy Aired:    Thursday, February 20, 2020 View:     IRS Video Portal The full transcript is provided as closed captioning and the PowerPoint is posted for downloading under the "Slides PDF" link. The IRS does not offer Certificates of Completion or CE credit for viewing an archived version of IRS webinars. More information on this topic is available on IRS.gov: Gig Economy Tax Center Small Business and Self-Employed Tax Center Independent Contractor (Self-Employed) or Employee? Publication 17, Your Federal Income Tax for Individuals Publication 334, Tax Guide for Small Business To view other archived webinars, please visit the IRS Video Portal and click the All Webinars link at the bottom of the page. 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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