e-News for Small Business issue 2020-16

e-News for Small Business September 17, 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	Issue Number: 2020-16 Inside This Issue Important things all extension filers should remember IRS expands tax help into more languages; Form 1040 offered in Spanish Small Business Week to begin September 22, 2020 Taxpayers need to report side income IRS provides guidance to marijuana industry IRS approves digital signatures for certain forms IRS posts new video on how to complete cash transaction report 1. Important things all extension filers should remember The October 15 filing deadline for taxpayers who filed an extension for the 2019 tax return is almost here. These taxpayers can file any time before Thursday, October 15. Nearly everyone can e-file for free through IRS Free File. The program is available on IRS.gov now through October 15. E-filing is easy, safe and the most accurate way for people to file taxes. Anyone due a refund should file as soon as possible and use direct deposit to get a tax refund electronically deposited. However, the deadline to pay 2019 income taxes was July 15, 2020 even for taxpayers with an extension to file. Back to top 2. IRS expands tax help into more languages; Form 1040 offered in Spanish As part of a larger effort to reach underserved communities, the IRS is taking a number of steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time. In addition to being available in English and Spanish, the 2020 Form 1040 will also give taxpayers the opportunity to indicate whether they wish to be contacted in a language other than English. Other changes include Publication 1, Your Rights as a Taxpayer, which is now available in 20 languages. The 2020 version of Publication 17, Your Federal Income Tax, will be available early next year in seven languages – English, Spanish, Vietnamese, Russian, Korean and Chinese (Simplified and Traditional). As part of this expansion, many of the pages on the IRS.gov site are now available in seven languages and basic tax information is newly available in 20 languages on IRS.gov. Back to top 3. Small Business Week to begin September 22, 2020 In recognition of National Small Business Week, Sept. 22 - 24, the Internal Revenue Service will highlight several resources to help small business owners and self-employed individuals understand and meet their tax obligations. Back to top 4. Taxpayers need to report side income If taxpayers are earing extra money, they must report income earned from all activities in 2020 on their tax return. How a taxpayer reports the income depends on whether the business operates to make a profit. The IRS has considerations for earning side income that a taxpayer should take into account when making this determination. The IRS has many resources to help taxpayers report their income correctly. Back to top 5. IRS provides guidance to marijuana industry The IRS provided guidance including frequently asked questions for taxpayers in the marijuana industry. Businesses that traffic marijuana in contravention of federal or state law are subject to the limitations of Internal Revenue Code (IRC) Section 280E. The Marijuana Industry FAQs, address federal tax filing and information reporting requirements specific to taxpayers in this industry. Back to top 6. IRS approves digital signatures for certain forms To protect the health of taxpayers and tax professionals, the Internal Revenue Service announced on Aug. 28 it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. The change will help to reduce in-person contact and lessen the risk to taxpayers and tax professionals during the COVID-19 pandemic, allowing both groups to work remotely to timely file forms. Last week the IRS added six forms to the list of those that can be signed digitally. Back to top 7. IRS posts new video on how to complete cash transaction report The IRS posted a new video on the IRS Video Portal to help businesses file a complete and processable Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. The two part (Part I, Part II) video emphasizes form sections often overlooked or completed incorrectly. Form 8300 is an important report. Although many cash transactions are legitimate, information reported on this form can help stop those who evade taxes, profit from the drug trade, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through the payments reported on Form 8300 and other cash reporting forms.           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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